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A DE F 1 You would like to buy a new car and will need to borrow $20,000 to do so. Your loan will be

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A DE F 1 You would like to buy a new car and will need to borrow $20,000 to do so. Your loan will be repaid monthly over 4 years at a 6% annual interest rate. Calculate your monthly payment. 2 translate to monthly translate to monthly 4 N (period of time) 5 (Interest) 6 PV (Present Value 7 FV (Future Value) 8 PMT (Annuity) determine payment 10 Prepare the loan amortization schedule. Monthly Period Payment Interest Expense Principal Payment Principal Balance

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