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Posted on Jul 25, 2024

Suppose you want to borrow $30,000 for a new car. You can borrow at 8% per year, compounded monthly. If you take a five-year loan:

a. What is the monthly rate?

b. What is your monthly payment?

c. How much of your first monthly payment is interest?

d. How much do you still owe at the end of the second year?

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