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3. Nancy Parker has a $12,000 simple-interest installment loan at 12% for 36 months. The monthly payment is $398.52. The balance after the sixth

3. Nancy Parker has a $12,000 simple-interest installment loan at 12% for 36 months. The monthly payment is $398.52. The balance after the sixth payment is $10,286.53. a) What is the final payment if the loan is paid off with the seventh payment? b) How much will Nancy save by paying off the loan with payment number 7?

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