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5. Jason bought a car for $40,000 upon graduation from college with an engineering degree and a very good job after. A down payment of
5. Jason bought a car for $40,000 upon graduation from college with an engineering degree and a very good job after. A down payment of $5,000 was paid by his dad as graduation gift. The rest of the amount was financed with Generous Motors at 6% APR with 60 monthly payments, the first payment which is to start at the end of the 13th month after graduation. (a) Determine his monthly payment. (b) What is the total amount of interest that is paid? (c) What is the balance in the loan 36 months after graduation
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