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A person borrowed $30000 to finance the purchase of a new vehicle. The loan will be paid off in 5 years, and the borrowing interest
A person borrowed $30000 to finance the purchase of a new vehicle. The loan will be paid off in 5 years, and the borrowing interest rate is 6%. The person is required to make monthly payments to the loan. What is the amount of monthly payment? N(number of loan payments) = (monthly interest rate) = PV (amount borrowed) = (positive) FV (ending loan balance) = PMT (required monthly payment) =- (enter positive value)
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