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Part 3 : Loan Amortization 4 . You purchase a truck and finance the entire purchase price. The total amount of your loan is $

Part

3

: Loan Amortization

4 .

You purchase a truck and finance the entire purchase price. The total amount of your loan is $

47, 500 .

You obtain an annual interest rate of

5.0 %

based on your credit score. The loan lasts

5

years, and payments are made monthly.

.

Calculate the monthly fixed payment.

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