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In order to purchase a car with a price tag of $50,000, you contemplate taking a loan of $40,000 from a bank offering a 4
In order to purchase a car with a price tag of $50,000, you contemplate taking a loan of $40,000 from a bank offering a 4 year loan at 12%. Your friend who is studying accounting does some computations and tells you that your monthly payment would be $833. Is your friend right or wrong? Provide detailed explanation. If your friend is wrong, find the correct monthly payment
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