Dave Krug finances a new automobile by paying $7,300 cash and agreeing to make 40 monthly payments of $510 each, the first payment to be made one month after the purchase. Does the loan bear interest at an annual rate of 12% What is the cost of the automobile? (PV of $1. FV of $1. PVA of $1, and FVA of $1) (Use appropriate factor(s) …
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