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An automobile loan of $27,000 at a nominal rate of 6% compounded monthly for 38 months requires equal end-of-month payments of $821.30 Complete the table

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An automobile loan of $27,000 at a nominal rate of 6% compounded monthly for 38 months requires equal end-of-month payments of $821.30 Complete the table below, as you would expect a bank to calculate the values. (Round to the nearest cent.) End of Month Interest Repayment of Remaining Loan in) Payment Principal Balance 1 $26.313.81 2 $889.82 13 502.60 24 $9.543.70 w 36 0

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