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    1eminent's Avatar
    1eminent Posts: 1, Reputation: 1
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    #1

    Aug 4, 2012, 02:05 AM
    Finance Problem Solver
    Mr fam has a 24month car loan of $24,00 at 12% interest rate per annum. What is the monthly loan repayment.
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #2

    Aug 4, 2012, 05:55 AM
    Quote Originally Posted by 1eminent View Post
    Mr fam has a 24month car loan of $24,00 at 12% interest rate per annum. What is the monthly loan repayment.

    We don't help with homework but we will correct your answer (after you get to it) if it is wrong.

    What is your answer?
    ACCTGUY's Avatar
    ACCTGUY Posts: 22, Reputation: 1
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    #3

    Aug 6, 2012, 06:55 AM
    This is simple annuity question.
    I don't know looks like there is a typo is it 2400 or 24000 car loan.
    If you are using financial calculator here are your inputs.

    I/Y 12
    P/Y 12
    C/Y 1
    PV 2400 or 24000
    FV 0
    CPT PMNT
    N 24

    If you even want to solve using formula let me know I can tell you which formula to use.
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