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Mary Smith took out a car loan of $18,000 to pay back in 72 monthly installments at a nominal interest rate of 8%. Compute: a)

Mary Smith took out a car loan of $18,000 to pay back in 72 monthly installments at a nominal interest rate of 8%. Compute:

a) The monthly payment for Mary.

b) The loan balance immediately after the 24th payment. Note: 48 remaining payments.

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