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A recent college graduate buys a new car by borrowing $18,000 at 7.2%, compounded monthly, for 4 years. She decides to pay $458 instead of
A recent college graduate buys a new car by borrowing $18,000 at 7.2%, compounded monthly, for 4 years. She decides to pay $458 instead of the monthly payment required by the loan. (a) What is the monthly payment required by the loan? (Round your answer to the nearest cent.) $ 430.81 How much extra did she pay per month? (Round your answer to the nearest cent.) $ 27.19 (b) How many $458 payments will she make to pay off the loan? (Round your answer up to the next whole number.) 44 X payments (C) How much will she save by paying $458 per month rather than the required payment? (Round your answer to the nearest cent.) $ 2002.56
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