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An installment contract for the purchase of a car requires payments of $570.60 at the end of each month for the next five years. Suppose

  1. An installment contract for the purchase of a car requires payments of $570.60 at the end of each month for the next five years. Suppose interest is 10.8% p.a. compounded monthly.

    What is the amount financed?

  2. Compute the nominal annual rate of interest (compounded monthly) at which $185.00 deposited at the end of each month for ten years will amount to $35 000.00. Calculate to two decimals. Enter as follows: 12.34% = 12.34

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