A van is purchased with a down payment of 25%, a payment after 3 months corresponding to 35% of the price, and another payment 5 months after the previous one for $185,000. Assuming interest of 15.6%...


A van is purchased with a down payment of 25%, a payment after 3 months corresponding to 35% of the price, and another payment 5 months after the previous one for $185,000. Assuming interest of 15.6% simple annual interest, determine:
(a) The cash price of the vehicle.
(b) The size of the 3-month payment.
(c) The cost of not paying cash, i.e. interest.
It is advisable to make a time diagram



Jun 09, 2022
SOLUTION.PDF

Get Answer To This Question

Related Questions & Answers

More Questions »

Submit New Assignment

Copy and Paste Your Assignment Here