Use your financial calculator to compute the monthly payment and the total amount spent if you financed
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Question:
Use your financial calculator to compute the monthly payment and the total amount spent if you financed $20,000 for 5 years at 8 percent per year. Also calculate the payment if you financed the car for only 4 years. Finally, calculate the payment for 3 years. What do you notice about the payment under the different time assumptions?
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