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When you purchased your car, you took out a five-year annual-payment loan with an interest rate o 6 % per year. The annual payment on

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When you purchased your car, you took out a five-year annual-payment loan with an interest rate o 6 % per year. The annual payment on the car is S5500. You have just made a payment and have now decided to pay off the loan by repaying the outstanding balance. What is the payoff amount for the following scenarios? a. You have owned the car for one year (so there are four years left on the loan)? b. You have owned the car for four years (so there is one year left on the loan)? a. You have owned the car for one year (so there are four years left on the loan)? The payoff if you have owned the car for one year (so there are four years left on the loan isS (Round to the nearest cent. b. You have owned the car for four years (so there is one year left on the loan)? The payoff f you have owned the car for four years (so there is one year loft on the loan) is s(Round to the nearest cent)

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