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7. Alex has a 60 month car loan with a 12% APR and his monthly payments are $400/month. He has made 40 payments up to

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7. Alex has a 60 month car loan with a 12% APR and his monthly payments are $400/month. He has made 40 payments up to now and has 20 payments left. What balance does he have remaining on his car loan? a. $1,366.40 b. $7,218.22 c. $8,000.00 d. $17,982.02

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