SOLUTION: Calculate the payment for a $10,000 car loan at 7% interest compounded annually for 5 years.
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Question 484843: Calculate the payment for a $10,000 car loan at 7% interest compounded annually for 5 years.
Answer by checkley79(3341) (Show Source): You can put this solution on YOUR website!
10,000(1+.07)^5
10,000(1.07)^5
10,000*1.40255=14,025.52 ANS.
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