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please help Question 1: 2.8 To purchase a new car, you borrow $18,500. The bank offers a 4-year loan at an interest rate of 3.75%

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Question 1: 2.8 To purchase a new car, you borrow $18,500. The bank offers a 4-year loan at an interest rate of 3.75% while the car dealer offers a 6 -year loan at an interest rate of 3.5%. a. If interest is figured by compounding annually and you make only one payment at the end of the loan period repaying the principal and interest, what is the total amount that must be paid for each case? b. If interest is figured by compounding monthly and you make monthly payments, for each case what is the total amount that will be paid

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