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A person has applied for a loan of $100,000 to purchase a car. He wants to pay it back in 36 equal monthly installments. The

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A person has applied for a loan of $100,000 to purchase a car. He wants to pay it back in 36 equal monthly installments. The agency that gave the loan claims to charge a 2% monthly interest", determining the monthly payments = (100,000 + 100,00*(0.02)*36)/36 = $4,778. = a. What is the true monthly interest on unpaid balances that he's charged

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