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On January 1, year 1, you borrow $28,100 to purchase a new vehicle by agreeing to a 4.5%, 6-year note with the bank. Payments of
On January 1, year 1, you borrow $28,100 to purchase a new vehicle by agreeing to a 4.5%, 6-year note with the bank. Payments of $446.06 are due at the end of each month with the first installment due on January 31, year 1. ROUND YOUR ANSWERS TO THE NEAREST DOLLAR.
27. After you pay all the car payments, how much do you owe the bank at the end of the 5 years? $______
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