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1.If a bank lends you $10,000 today to purchase a new vehicle, how much are your monthly payments if the annual interest rate is 5.5%,

1.If a bank lends you $10,000 today to purchase a new vehicle,

how much are your monthly payments if the annual interest rate is

5.5%, and you intend to pay off the loan in 48 months?

2.

If you decide to pay off the loan in the previous example in 36

months rather than 48 months, how much interest will you save

over the course of this loan?

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