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Determine the monthly car payment necessary to repay a $15,000 automobile loan if interest is computed at 12 percent per year compounded monthly. Assume the

Determine the monthly car payment necessary to repay a $15,000 automobile loan if interest is computed at 12 percent per year compounded monthly. Assume the period of the loan is 3 years.

How much interest will be paid over the 3-year period?

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