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Sometimes we know the present value But don't know the cash payment Example: My recent carloan I knew how much I need to borrow Didn't
Sometimes we know the present value
But don't know the cash payment
Example: My recent carloan
I knew how much I need to borrow
Didn't know the monthly payment going in to be
Terms:
$36,000
48 month loan
3.1%yearlyinterest rate
What is my monthly payment?
Please clearly write out all steps/calculations and equations.
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