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Please show all the steps 1. The purchase of a car requires a $12,000 loan to be repaid in monthly installments for four years at

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1. The purchase of a car requires a $12,000 loan to be repaid in monthly installments for four years at 9% interest compounded monthly. If the general inflation rate is 4% compounded monthly, find the actual and constant dollar value of the 20th payment of this loan. ($298.60 nominal $279.40 constant)

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