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3. Suppose you bought a $60,000 truck which is 100% financed at 10% annual rate for 7 years. a) How much will your monthly payments
3. Suppose you bought a $60,000 truck which is 100% financed at 10% annual rate for 7 years.
a) How much will your monthly payments be?
b) What will be your total payment at the end of the 7 years?
c) After 7 years, how much of your total payment is interest?
I understand b) and c) but I can't firgure out a) first. I need someone to give the equation and how the values are placed. I have a scientific calculator, not a financial calculator.
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