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Suppose you take out a car loan of $ 1 5 , 0 0 0 with an interest rate of 1 1 % compounded monthly.
Suppose you take out a car loan of $ with an interest rate of compounded monthly. You will pay off the loan over months with equal monthly payments.
a What is the monthly interest rate?
The monthly interest rate is Round to three decimal places.
b What is the amount of the equal monthly payment?
The amount of the equal monthly payment is $ Round to the nearest cent.
c What is the interest payment for the th payment?
The interest payment for the th payment is $ Round to the nearest cent.
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