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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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