Suppose that you would like to buy a new car. The price of the car...
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Accounting
Suppose that you would like to buy a new car. The price of the car is $25,500, the sales tax is 8%, and the title, license, and registration fee is $600. The dealer offered that you can pay 80% of the price of the car in four years (48 months) at an interest rate of 9% per year, compounded monthly.(Please draw cash flow diagram, take a photo and upload as a picture here. Use formula to answer this question.)
a. How much cash do you need to pay at the time you purchase the vehicle?
- b.How much is the monthly payment?
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