Dave Krug finances a new automobile by paying $6,200 cash and agreeing to make 40...
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Accounting
Dave Krug finances a new automobile by paying $6,200 cash and agreeing to make 40 monthly payments of $490 each, the first payment to be made one month after the purchase. The loan bears 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) from the tables provided. Round "Table Factor to 4 decimal places.)
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