McTavish wants to buy a new car worth $20,000. He pays $2,000 deposit and agrees to pay $400 at the end of each month as long as necessary. Find the concluding payment one month later if interest is at 12% p.a. compounding monthly
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Expert's answer
2020-06-22T16:15:15-0400
"20000-20000=18000"
"{18000\\over 400}= 45months"
"P(1+{r\\over n})^{nt}"
"400(1+{12\\over100})^{3.75}"
n is 3.75 because its 45 months converted to years.
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