A loan for ($ 20,000) is taken out for 5 years. Find the payment is the interest
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A loan for \(\$ 20,000\) is taken out for 5 years. Find the payment is the interest rate is:
a. \(2.9 \%\)
b. \(3.9 \%\)
c. \(4.9 \%\)
d. \(5.9 \%\)
e. Did the payments increase by the same amount for each \(1 \%\) jump in interest rate? Describe the pattern.
Compare payments per month and interest rates.
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