Question
Nona purchased a new car earlier today for $38,000. She financed the entire amount with a six-year loan that has a 6 percent interest rate
Nona purchased a new car earlier today for $38,000. She financed the entire amount with a six-year loan that has a 6 percent interest rate (compounded monthly).
A) Compute the monthly payments for the loan. Do not round intermediate calculations. Round your answer to the nearest cent. Enter your answer as a positive value.
$______
B)How much will Nona owe on the loan after she makes payments for 2 years (i.e., after 24 payments)? Do not round intermediate calculations. Round your answer to the nearest cent. Enter your answer as a positive value.
$_______
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