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First Financial Auto Loan Department wishes to know the payment required at the first of...

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Question

Accounting

First Financial Auto Loan Department wishes to know the payment required at the first of each month

on a $10,500, 48-month, 11% auto loan. To determine this amount, First Financial would

A. Multiply $10,500 by the present value of 1.

B. Multiply $10,500 by the present value of an ordinary annuity of 1.

C. Divide $10,500 by the future value of an ordinary annuity of 1.

D. Divide $10,500 by the present value of an annuity due of 1.

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