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You are looking to purchase a car and assume the interest rate is 4 . 2 5 % : a ) If the car costs

You are looking to purchase a car and assume the interest rate is 4.25%:
a) If the car costs $35,000, how much are your monthly payments if you would like to pay off the car in 5 years?
b) In scenario 'a', how much down payment would you need to reduce your monthly payments to $400.
c) In scenario 'a', would switching to bi-weekly payments increase or decrease the cost of borrowing?
Provide explanation and/or show calculations to support.

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