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Marilyn purchased a new commercial vehicle today for $25,000. The entire amount was financed using a five-year loan with a 4 percent interest rate (compounded
Marilyn purchased a new commercial vehicle today for $25,000. The entire amount was financed using a five-year loan with a 4 percent interest rate (compounded monthly). How much will Marilyn owe on his vehicle loan after making payments for three years (i.e., when two years of payments remain)? Provide supporting calculations.
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