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You are offered $20,000 car loan at 6% APR. You must pay it back in monthly installments over three years. Which statement is false and

You are offered $20,000 car loan at 6% APR. You must pay it back in monthly installments over three years. Which statement is false and explain why the other 3 statements are true.

a) Your actual annual interest rate is higher than 6%

b) Your monthly interest rate is 0.5%

c) Your monthly payments are all equal.

d) Your monthly payments are approximately $556

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