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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 $ He is putting $
down and will finance $ for years. Assume a 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 How much principal?
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