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Fundamentals of Engineering Economics 3rd Edition by Chan Park
Edition 3ISBN: 978-0132775427Fundamentals of Engineering Economics 3rd Edition by Chan Park
Edition 3ISBN: 978-0132775427 Exercise 4
Assume that you are going to buy a new car for $25,000. You will be able to make a down payment of $3,000. The remaining $22,000 will be financed by the dealer. The dealer computes your monthly payment to be $547.47 for 48 months of financing. What is the dealer's annual rate of return on this car loan?
Explanation
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Given information:
• Price of a car is ...
Fundamentals of Engineering Economics 3rd Edition by Chan Park
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