Time value of money
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You want to purchase a boat that costs $40,000. you want to finance as much of the purchase as possible with a 5-year bank loan at 12% compounded monthly, but you can only afford loan payments of $750 per month. how much will you need as a down payment to buy the boat?
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Solution Summary
Calculates the value of down payment.
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You want to purchase a boat that costs $40,000. you want to finance as much of the purchase as possible with a 5-year bank loan at 12% compounded monthly, but you can only afford loan payments of $750 per month. ...
Purchase this Solution
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