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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 loan at 5.1% Installment Loan B: five-year loan at 6.4% Use PMT =[1(1+nr)nt]P(nr) to complete parts (a) through (c) below. a. Find the monthly payments and the total interest for Loan A. The monthly payment for Loan A is $420.22 '. (Do not round until the final answer. Then round to the nearest cent as needed.) The total interest for Loan A is \$ (Round to the nearest cent as needed.) b. Find the monthly payments and the total interest for Loan B. The monthly payment for Loan B is $ (Do not round until the final answer. Then round to the nearest cent as needed.)
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