Mr smith wants to buy a new car that will cost 26000 what, Operation Management

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Mr smith wants to buy a new car that will cost 26000 what

Mr. Smith wants to buy a new car that will cost $26,000. He will make a down payment in the amount of $10,430. He would like to borrow the remainder from a bank at an interest rate of 12% compounded monthly. He agrees to pay off the loan monthly for a period of three years.

a) What is the amount of monthly payment?

b) What is the balance remaining immediately after 18th payment? What is the interest and principal payments after 18th payment?

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Operation Management: Mr smith wants to buy a new car that will cost 26000 what

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Operation Management: Mr smith wants to buy a new car that will cost 26000 what

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