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1. You want to buy a $31,000 car. The company is offering a 5% interest rate for 60 months (5 years). What will your monthly

1. You want to buy a $31,000 car. The company is offering a 5% interest rate for 60 months (5 years). What will your monthly payments be?

2. Suppose you want to have $800,000 for retirement in 35 years. Your account earns 9% interest. How much would you need to deposit in the account each month?

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