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Ali borrowed money from his credit union to invest in antiques. He took out a personal, amortized loan for $24,000 at an interest rate of
Ali borrowed money from his credit union to invest in antiques. He took out a personal, amortized loan for $24,000 at an interest rate of 7.1% with monthly payments for a term of 2 years.
For each part, do not round any intermediate computations and round your final answers to the nearest cent.
(a) | Find Ali's monthly payment. |
(b) | If Ali pays the monthly payment each month for the full term, find his total amount to repay the loan. |
(c) | If Ali pays the monthly payment each month for the full term, find the total amount of interest he will pay. |
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