Homework Answers
Effective monthly rate =(1+7.80%/4)^(1/3)-1 =0.6458202%
Number of months =4*12 =48
PMT=748
Cost of car with downpayment =PMT*((1-(1+r)^-n)/r)+Down
Payment
=(1+0.6458202%)*748*((1-(1+0.6458202%)^-48)/0.6458202%)+2250
=33236.21
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