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oseph purchased a new electric vehicle! The vehicle had a MSRP of $ 4 2 , 5 9 9 , but the government gave a
oseph purchased a new electric vehicle! The vehicle had a MSRP of $
but the government gave a rebate of $ He also paid a $
downpayment. The terms of the vehicle loan are compounded monthly
for months.
a What will his regular endofmonth car payment amount be
b What will be the exact amount of his last payment?
c What will the total interest cost be for the term of this loan?
Out of curiosity, Joseph wants to see how the interest cost of his monthly
payments changes over time. What will both the interest and principal
portions be on the th payment and on the th payment?
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