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Mary takes out a loan to purchase a car. She will pay $400 at the end of each month for 3 years. a. If the

Mary takes out a loan to purchase a car. She will pay $400 at the end of each month for 3 years. a. If the interest rate is 8% effective interest, what is the amount of the loan? b. What is the outstanding balance of the loan at the end of one year? Use both models and compare.

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