Problem 2 (Car) You have bought a car at a used car dealer for $12000, including tax and insurance. You were to pay for

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Problem 2 Car You Have Bought A Car At A Used Car Dealer For 12000 Including Tax And Insurance You Were To Pay For 1 (416 KiB) Viewed 27 times

Problem 2 (Car) You have bought a car at a used car dealer for $12000, including tax and insurance. You were to pay for the car by making 19 equal monthly payments, with the first payment to be made when the car was delivered (a down payment). Interest on the loan was charged at the rate of 12% per year, compounded monthly. (a) How much is your monthly payment? (b) After eleven payments (the down payment and ten other payments) were made, Nabil agreed to buy the car from you. Nabil will pay a cash amount to cover the loan in full, at the time the next payment was due. If there is no penalty, what amount will Nabil pay?