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9) The bank will lend you $25,000 to buy a car. The loan will be for 60 months. The nominal interest rate is 12%, which

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9) The bank will lend you $25,000 to buy a car. The loan will be for 60 months. The nominal interest rate is 12%, which is paid monthly. What is your monthly loan payment? (In other words, the stated (or quoted) interest rate is 12%. You pay monthly.) a. 556.11 b. 6935.24 c. 577.93 d. 306.11 e. 3,003.35

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