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Consider a car loan amount of $12,000 for a term of 5 years at 12% interest compounded monthly. Find the amount of each monthly payment.
Consider a car loan amount of $12,000 for a term of 5 years at 12% interest compounded monthly. Find the amount of each monthly payment. a. $235.79 b. $266.93 c. $283.14 d. $301.85
2. Consider a 30-year mortgage at an interest rate of 12% compounded monthly with a $900 monthly payment. What is the loan amount (present value)?
| a. | $87,514.24 | |
| b. | $87,496.50 | |
| c. | $87,486.93 | |
| d. | $87,472.51 |
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