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Please show work. Assume that today is November 1, 2021 and you have just taken out a 3-year car loan at an APR of 8.00%
Please show work.
Assume that today is November 1, 2021 and you have just taken out a 3-year car loan at an APR of 8.00% with monthly payments. The amount of the loan is $30,000. What are your scheduled monthly payments? Your first payment is due Dec. 1, 2021. Instead of making the scheduled monthly payments, you decide to pay an even $1,000 every month beginning with the first payment. How many full payments of $1,000 will you need to make until the loan is paid off? If your last partial payment is made on the first of the month after your last full $1,000 payment, on what date will you have your loan completely paid off? That is, when will that last partial payment be made? Scheduled Monthly Payments Number of full $1,000 payments needed to pay off the loan Date (month, day and year) when you will pay off your loanStep by Step Solution
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