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Using a financial calculator, provide a solution to each of the following situations. (a) Jennifer Anglin owes a debt of $46,000 from the purchase
Using a financial calculator, provide a solution to each of the following situations. (a) Jennifer Anglin owes a debt of $46,000 from the purchase of her new sport utility vehicle. The debt bears annual interest of 7.0% compounded monthly. Lynn wishes to pay the debt and interest in equal monthly payments over 6 years, beginning one month hence. What equal monthly payments will pay off the debt and interest? (Round answer to 2 decimal places, e.g. 25.25.) Monthly payments (b) On January 1, 2022, David Molony offers to buy Dave Feeney's used snowmobile for $11,700, payable in 6 equal annual installments, which are to include 8.80% interest on the unpaid balance and a portion of the principal. If the first payment is to be made on December 31, 2022, how much will each payment be? (Round answer to 2 decimal places, e.g. 25.25.) Annual payments $ AA
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