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20 December, 08:52

You obtain a vehicle loan from the bank for $34,720 for a term of 4 years at an annual interest rate of 7.5%. Use the amortization formula or a TVM calculator to determine monthly payments.

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  1. 20 December, 12:11
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    TVM=34,720*0.075/12 : [1 - (1+0.075/12) ^-48]

    TVM=839.49

    Explanation:

    An=34,720

    t=4 yrs, - --> n=48 (4*12)

    j=7.5 %.---> i=0.075/12

    m=12

    * i=j/m

    *n=mt

    TVM=An*i : [1 - (1+i) ^-n]

    TVM=34,720*0.075/12 : [1 - (1+0.075/12) ^-48]

    TVM = 839.49 (round two decimal)
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