Present value of 2-year loan, Finance Basics

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Present value of 2-year loan

Problem:

Your car loan requires payments of $200 per month for the first year and payments of $400 per month during the second year. The annual interest rate is 12% and payments begin in one month.

Required:

Question: What is the present value of this 2-year loan?

Note: Please show basic calculation

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Finance Basics: Present value of 2-year loan

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Finance Basics: Present value of 2-year loan

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