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Billy Senior purchased a car for $18,000 three years ago using a 4-year loan with an interest rate of 7.2%. He had decided that he

Billy Senior purchased a car for $18,000 three years ago using a 4-year loan with an interest rate of 7.2%. He had decided that he would sell the car now ONLY if he could get a price that would pay off the balance of her loan.

a) Calculate the present monthly payment on this car loan.

b) Determine the minimum price Billy Senior would need to receive for his car.

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