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You are buying a Ford 1 5 0 with purchase price ( in total ) $ 3 5 , 0 0 0 . You have

You are buying a Ford 150 with purchase price (in total) $35,000. You have $10,000 for the down payment and are borrowing the remaining $25,000 with a 5 year loan. The loan has APR 6% with equal monthly payments (monthly compounding, m=12) starting one month after you take possession of the Ford. What is the monthly payment on the loan? (Hint: the monthly payments fully pay off the loan by the end of the 5 years.)
Write down your calculator entries for N, I/Y, PV, FV, and your answer from CPT PMT. You will record your answers in three parts to this problem.

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