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PLEASE SHOW FORMULAS 5) (10 points) Suppose your friend Claire is considering buying a new car. She is going to make monthly payments at the

PLEASE SHOW FORMULAS

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5) (10 points) Suppose your friend Claire is considering buying a new car. She is going to make monthly payments at the end of each month) of $447.47 on a loan of $27,000. If the annual percentage rate is 6.00%, how long in years is the loan for? (Using a financial calculator will earn 7 points, but show all entries, i.e. PV = i/yr = ..... etc). 9

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