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A car dealership offers you no money down on a new car if

Finance: FV and PV of annuity non-annually

Question

A car dealership offers you no money down on a new car. You may pay for the car for 5 years by equal monthly end-of-the-month payments of $461 each, with the first payment to be made one month from today. If the discount annual rate is 16.04 percent compounded monthly, what is the present value of the car payments?

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