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Lincoln wants to buy a new Mercedes-Benz Jeep.He will need to borrow $20,000 to go with his down payment in order to afford this car.If car loans are available at a 6 percent annual interest rate, what will Lincoln's monthly payment be on a four-year loan?
60-Day Note
A financial instrument that is payable within 60 days, often used in business transactions as a form of short-term borrowing.
Intermediate Calculations
Calculations performed as steps toward solving a final problem or arriving at a final figure, often used in mathematical or financial analyses.
Maturity Date
The specified date on a financial instrument at which the principal (or final payment) is due to be paid.
Promissory Note
A financial document in which one party promises in writing to pay a determinate sum of money to another party under specific terms.
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