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Could you help me with the formula only? 5. Ed decides to buy a new car and take out a loan through the car dealership.

Could you help me with the formula only?

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5. Ed decides to buy a new car and take out a loan through the car dealership. He negotiated a sale price of $21,500 after his trade-in was considered. The dealership is offering 3.2% interest on all five-year new car loans. a. What will his monthly payment be? b. How much he interest will he pay over the life of the car loan

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