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If you purchase a car in the amount of$50,000, the financing rate is 6 percent and the loan period is 5 years, what is the

  1.  If you purchase a car in the amount of$50,000, the financing rate is 6 percent and the loan period is 5 years, what is the monthly payment?  What is the loan balance after making three payments? How much of the1st payment is interest and how much is loan (principal reduction)?

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