A 6-year car loan charges flat rate at 2.5% per annum, to be repaid by a monthly annuity-due. Calculate the ENR in monthly rest of the loan. If the borrower decides to redeem early after 12, 24, 36, 48 and 60 payments, calculate the ENR in monthly rest charged over these periods. If you could show me how to find the ENR number for the monthly rates if the borrower redeems it earlier that would be great thank you.
A 6-year car loan charges flat rate at 2.5% per annum, to be repaid by a monthly annuity-due. Calculate the ENR in monthly rest of the loan. If the borrower decides to redeem early after 12, 24, 36, 48 and 60 payments, calculate the ENR in monthly rest charged over these periods. If you could show me how to find the ENR number for the monthly rates if the borrower redeems it earlier that would be great thank you.
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter7: Using Consumer Loans
Section: Chapter Questions
Problem 6FPE
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A 6-year car loan charges flat rate at 2.5% per annum, to be repaid by a monthly
the ENR in monthly rest of the loan. If the borrower decides to redeem early after 12, 24, 36, 48 and 60
payments, calculate the ENR in monthly rest charged over these periods.
If you could show me how to find the ENR number for the monthly rates if the borrower redeems it earlier that would be great thank you.
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