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(Solved): Anna is buying $12,000 worth of rare coins as an investment. The dealer is charging her an annual in ...
Anna is buying
$12,000worth of rare coins as an investment. The dealer is charging her an annual interest rate of
8.2%and is using the add-on method to compute her monthly payments. a. If Anna pays off the coins in 48 months, what are her monthly payments? b. If she makes a down payment of
$1,000, how much will this reduce her monthly payments? c. If she wants to have monthly payments of
$225, how large should her down payment be? a. Anna's monthly payments will be
$(Round to the nearest cent.)
