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An automobile loan of $23,000 at a nominal rate of 6% compounded monthly for 48 months requires equal end-of-month payments of $540.16. Complete the table
An automobile loan of $23,000 at a nominal rate of 6% compounded monthly for 48 months requires equal end-of-month payments of $540.16. Complete the table below, as you would expect a bank to calculate the values. (Round to the nearest cent.) (n) End of Month Repayment of Remaining Loan th Interest Payment Re " Principal Balance $ $22,574.84 $427.29 $88.78 $0 $0 $12,187.35 0 $07
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