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thank you :) 20. Suppose you borrow $30,000 to buy a car. If you have a 5 year loan and the interest rate is 6%
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20. Suppose you borrow $30,000 to buy a car. If you have a 5 year loan and the interest rate is 6% per year, compounded monthly, what is your monthly payment? 21. Suppose you have student loans totaling $25,000. If you plan to pay it off in 10 years, and the interest rate is 8% per year, compounded monthly, what is your monthly payment? 3 22. Suppose you borrow $1,000,000 to buy a house. If you have a 30 -year mortgage and the interest rate is 5% per year, compounded monthly, what is your monthly payment? 23. Suppose you borrow $500,000 to buy a house. If your monthly payments on the 15 -year mortgage are $4,500, what interest rate are you paying? State your answer as an APR $500,000.00=$4,500.00[1[1/(1+r)130]//rr=0.005912=7.02%APR Step by Step Solution
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