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An automobile loan of $24,000 at a nominal rate of 6% compounded monthly for 48 months requires equal end-of-month payments of $56364. Complete the table

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An automobile loan of $24,000 at a nominal rate of 6% compounded monthly for 48 months requires equal end-of-month payments of $56364. Complete the table below, as you would expect a bank to calculate the values. (Round to the nearest cent.,) Interest Payment Repayment of Remaining Loan $443.64 11778 $445.8623110.50 Balance $120 $23,556.36 2 $92.64 471 17683 13

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