When an auto loan's terms are 8% per year interest,seven years in length,and a purchase price of $20,000,what value should be entered in the PV field?
A) 7
B) 7*12
C) .08/12
D) 20,000

Name: When an auto loan's terms are 8% per year interest,seven years in length,and a purchase price of $20,000,what value should be entered in the PV field? A) 7 B) 7*12 C) .08/12 D) 20,000
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Question

Quizplus · Accepted Answer

The PV field in this context refers to the present value or the initial cost of the auto loan, which is $20,000.

When an Auto Loan's Terms Are 8% Per Year Interest,seven