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Exercise 1. Karen Ojahti purchases a car at a list price of $24,000. A downpayment of $5,000 is made on the purchase, and the balance

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Exercise 1. Karen Ojahti purchases a car at a list price of $24,000. A downpayment of $5,000 is made on the purchase, and the balance is paid off using a monthly layaway plan of 5.5% annual rate for 3 years. What is the size of the monthly payment? How much is the in- terest of the this plan

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