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Thanks for the help Use this information for the next two problems. You have just purchased a $50,000 car using a 5 -year loan at
Thanks for the help
Use this information for the next two problems. You have just purchased a $50,000 car using a 5 -year loan at an annual interest rate of 3% and monthly loan payments, with the first payment at the end of the first month. 2. How much in total will you pay over the life of the loan? a. $50,000.00 b. $51,953.04 c. $52,827.95 d. $53,906.07 e. $54;588.64 3. Suppose you pay this loan off at the end of 3 years, so there are 2 years left on the loan. What will be your loan balance (loan payoff)? a. $17,349.46 b. $17,767.52 c. $19,230.72 d. $20,000.00 e. $20,902.96Step by Step Solution
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