An automobile loan of $25,000 at a nominal rate of 6% compounded monthly for 60 months Requires
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Requires equal end - of - month payments of $483.32. Complete Table P4.60 for the first six payments, as you would expect a bank to calculate the values.
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Remaining End of Interest Repayment Loan Month (n) Payment of PrincipalBalance $24,641.68 S361.91 4 $119.60 $117.78 $22,823.03
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