The balance will be financed over three years if the, Financial Management

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The balance will be financed over three years if the

A used automobile that has a total cost of $15 500 is to be purchased in part by trading in a an older vehicle for which $6 250 is allowed. The balance will be financed over three years. If the interest rate is 8.5% per year, compounded monthly, what are the monthly payments? The first installment is to be paid at the end of the first month.

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