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To help open up a jewelry store, Greg borrowed money from his credit union. He took out a personal, amortized loan for $45,500 at an
To help open up a jewelry store, Greg borrowed money from his credit union.
He took out a personal, amortized loan for $45,500 at an interest rate of 6.8% with monthly payments for a term of 8 years. do not round any intermediate computations and round your final answers to the nearest cent.
(a) | Find Greg's monthly payment. |
(b) | If Greg pays the monthly payment each month for the full term, find his total amount to repay the loan. |
(c) | If Greg pays the monthly payment each month for the full term, find the total amount of interest he will pay. |
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