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Suppose that you decide to borrow $14,000 for a new car, You can select one of the following loans, each requiring regular monthly payments. Installment
Suppose that you decide to borrow $14,000 for a new car, You can select one of the following loans, each requiring regular monthly payments. Installment Loan A: three year loon at 6.3% Instailment Laan B. five-year loan at 6.4% a. Find the monthly payments and the total interest for Loan A. The monthly payment for Loan A is ? (Do not round unil the final arswer, Then round to the nearest cent as neesed) The total interes: for Loan A is $ (Round to the nearest cent as needed.) b. Find the monthly paymens and the fotal interest for Loan 8 . The monthly payment for Loan 8 is $ (Do not round until the final answer. Then round to the nearest cent as needed.)
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