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Joe is about to buy a new car for the amount of $ 3 5 , 0 0 0 . He is putting $ 5

Joe is about to buy a new car for the amount of $35,000. He is putting $5,000.
down and will finance $30,000 for 6 years. Assume a 6% annual interest rate compounded monthly.
a) What is the monthly payment
b) After the second year of payments, what is the outstanding balance?
c) How much interest is paid in month 25? How much principal?

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