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To buy a car, Tom made a down payment of $8,000 and borrowed $25,000 on a loan that charged 9% compounded monthly. He agreed to
To buy a car, Tom made a down payment of $8,000 and borrowed $25,000 on a loan that charged 9% compounded monthly. He agreed to make monthly payments for four years. Find the outstanding balance after 36 payments have been made. Use Retrospective method of calculations. How it different from the Prospective method (explain in words or show as calculations)?
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