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Turner buys a new car and finances it with a loan of 15,000. He will make n monthly payments of 770 starting in one month.
Turner buys a new car and finances it with a loan of 15,000. He will make n monthly payments of 770 starting in one month. He will make one larger payment in n + 1 months to pay off the loan. Payments are calculated using an annual nominal interest rate of 4.8%, convertible monthly Immediately after the 17th payment he refinances the loan to pay off the remaining balance with 4 monthly payments starting one month later. This refinanced loan uses an annual nominal interest rate of 7.2%, convertible monthly Calculate the amount of the new monthly payment. 644 823 905 O 923 932
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