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1. Mary Smith took a car loan of $20,000 to make 60 equal monthly payments. The interest compounds monthly. (a) (8 pts). Calculate the monthly

1. Mary Smith took a car loan of $20,000 to make 60 equal monthly payments. The interest compounds monthly.

(a) (8 pts). Calculate the monthly payment for Mary, if the nominal interest is 9% per year.

Group of answer choices

A.$392

B.$415

C.$444

D.$466

B.

How much interest would Mary pay for taking the loan?

Group of answer choices

A.$1320

B.$2160

C.$2900

D.$6640

C.

Immediately after making the 20th payment, if she wants to pay off the car loan, how much does she need to pay?

Group of answer choices

A.$13110

B.$13775

C.$14295

D.$14925

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