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Construct the first four months of an amortization table for a 36-month auto loan that is repaid in equal end-of-month installments. The amount borrowed is
Construct the first four months of an amortization table for a 36-month auto loan that is repaid in equal end-of-month installments. The amount borrowed is $20,000 and the stated annual interest rate is 4.8 percent. Your table should show the total payment made each month, the amount of interest paid each month, the amount of principal paid each month, and the remaining principal balance at the end of each month.
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