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solina solina
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Posts: 1273
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6 years ago
Harry just bought a new four-wheel-drive Jeep Cherokee for his lumber business. The price of the vehicle was $35,000, of which he made a $5,000 down payment and took out an amortized loan for the rest. His local bank made the loan at 12% interest for five years. He is to pay back the principal and interest in five equal annual installments beginning one year from now. Determine the amount of Harry's annual payment.
A) $8,322
B) $9,600
C) $9,709
D) $6,720
Textbook 
Financial Management: Principles and Applications

Financial Management: Principles and Applications


Edition: 13th
Authors:
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Heavy Heart Thank you bio-forums! Heavy Heart
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LutionalLutional
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6 years ago
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3 years ago
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