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Consider a 48 month amortizing car loan with 7% APR and monthly payments. Which of the following statement is FALSE loan? A. The monthly interest

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Consider a 48 month amortizing car loan with 7% APR and monthly payments. Which of the following statement is FALSE loan? A. The monthly interest rate charged on the loan is 0.5833% B. Interest portion of the payment equals loan balance times monthly interest rate C. The effective annual rate on that loan is less than 7%. D. The monthly payment includes both interest and principal

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