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NOTE: Round all finance answers to 2 decimal places and label/scale all graphs.

11. You purchase a new car for $40,000. You make a 5% down payment and amortize the rest of the purchase price with monthly payments over the next 3 years. The interest rate is 3% compounded monthly. Number of periods n= rate per period i= a) Find the loan amount. b) Find the size of each payment. c) Find the interest paid, balance reduction and Unpaid Balance for the first monthly payment. balance reduction Unpaid Balance