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c. Assume monthly car payments of $500 per month for 4 years and an interest rate of 7% per year. 1. What initial principal will

c. Assume monthly car payments of $500 per month for 4 years and an interest rate of 7% per year.

1. What initial principal will this repay?

2. Prepare a loan payment schedule showing the payments and interest for the life of the loan.

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