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Without using Excel. 6. You want to buy a new sports car from Dream Motors for $77,000. The contract requires 60 monthly payments, with the

Without using Excel. image text in transcribed
6. You want to buy a new sports car from Dream Motors for $77,000. The contract requires 60 monthly payments, with the first payment due at the end of the first month. The annual, nominal interest rate is 5 percent. a. What will your monthly payment be? b. What is your monthly payment if the contract is in the form of a 60-month annuity due

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