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Ms. Smith is purchasing a new car and will need to borrow $25,000. She has secured financing for a 60-month loan at 4.50 % annual

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Ms. Smith is purchasing a new car and will need to borrow $25,000. She has secured financing for a 60-month loan at 4.50 % annual interest. If interest is compounded monthly, what will be the amount of her monthly payment? What is the present value of a stream of monthly payments of $500 each over 10 years, if the interest rate is 10% per annum, compounded monthly

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