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Dr. Leonard Hofstadter and his wife Penny are looking to buy a new car. They will take out an auto loan that will be amortized

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Dr. Leonard Hofstadter and his wife Penny are looking to buy a new car. They will take out an auto loan that will be amortized over 1 year. The interest rate is 3% and the total value of the loan is $20,000. What is the remaining loan balance after 6 months? REMEMBER: This is a 1 year amortized loan and therefore will have 12 monthly payments

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