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You are purchasing a $18,000 used car which is to be paid for in 42 monthly installments of $501.20 beginning one month after your purchase
You are purchasing a $18,000 used car which is to be paid for in 42 monthly installments of $501.20 beginning one month after your purchase a) What is the effective monthly interest rate? b) What is the nominal interest rate? c) What is the effective annual rate? How much do you still owe after 30 payments? e) How much interest will you pay over the life of the loan
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