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1 (A) You want to buy a car, and a local bank will lend you $25,000. The loan will be fully amortized over 5 years

1 (A) You want to buy a car, and a local bank will lend you $25,000. The loan will be fully amortized over 5 years and the nominal interest rate will be 15%. What will be the annual loan payment? Show work.

(B) What will be the remaining principal balance at the end of the fourth year?

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