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An auto repair shop borrowed $14,000 to be repaid by monthly payments over 6 years. Interest on the loan is 9% compounded monthly. (a) What

An auto repair shop borrowed

$14,000

to be repaid by

monthly

payments over

6

years. Interest on the loan is

9%

compounded monthly.

(a) What is the size of the periodic payment?

(b) What is the outstanding principal after payment

6?

(c) What is the interest paid on payment

7?

(d) How much principal is repaid in payment

7?

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