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Suppose you take out a five-year car loan for $13500, paying an annual interest rate of 5%. You make monthly payments of $255 for
Suppose you take out a five-year car loan for $13500, paying an annual interest rate of 5%. You make monthly payments of $255 for this loan. Complete the table below as you pay off the loan. Months Amount still owed 5% Interest on amount still owed (Remember to divide by 12 for monthly interest) Amount of monthly payment that goes toward paying off the loan (after paying interest) 0 13500 1 2 3 4 5 6 7 8 6 10 11
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