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QUESTION
After the period calculated above passes,'generous' financing is provided by New York Auto World (found in the same building as Rossie).
After the period calculated above passes,'generous' financing
is provided by New York Auto World(found in the same building
as Rossie). NYAW's credit terms are 25% down, with the balance
payable in monthly installments at a fixed 24% (annually-
stated) interest rate. But loan maturity is in only one year! (Effective annual rate of return = 18.68%)
What would your month-by-month payment to NYAW be equal to?
