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Michael is to mortise a $50,000 car loan by making equal payments at the end of each month for 5 years. If interest is at
Michael is to mortise a $50,000 car loan by making equal payments at the end of each month for 5 years. If interest is at 7.2% compounded monthly, find:
- The amount of each payment.
- The interest and the principal repaid in the first payment;
- The principal remaining after 2 years.
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