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PLEASE WRITE DOWN THE FORMULAS YOU USE 8. The purchase of a car requires a $12,000 loan to be repaid in monthly installments for four

PLEASE WRITE DOWN THE FORMULAS YOU USE

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8. The purchase of a car requires a $12,000 loan to be repaid in monthly installments for four years at an interest rate (APR) of 9% compounded monthly. If the general inflation rate is 2% per month, find the actual-dollar and constant-dollar value of the 20th payment of this loan

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