What exactly does this mean (in terms of cash flows per year say):
There is a $10,000 truck. A $2,000 down payment and 24 equal monthly payments (with the first payment in one month) at 8% compounded quarterly.
I'm having trouble visualizing this. You're down $2,000 at time 0. Then do you pay ($10,000-$2,000)/24 every month. But the interest is calculated on what? The remaining left to be paid?