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In mortgages and car loans, which of the following statements is correct? Both the monthly payment and the monthly interest are calculated using the principle

In mortgages and car loans, which of the following statements is correct?
Both the monthly payment and the monthly interest are calculated using the principle of compound interest.
The monthly interest is calculated using the principle of compound interest, and the monthly payment is calculated using the principle of simple interest.
Both the monthly payment and the monthly interest are calculated using the principle of simple interest.
The monthly payment is calculated using the principle of compound interest, and the monthly interest is calculated using the principle of simple interest.
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