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You borrow $5,000 from your parents to purchase a used car. The arrangements of the loan are such that you make payments of $250 per

You borrow $5,000 from your parents to purchase a used car. The arrangements of the loan are such that you make payments of $250 per month toward the balance plus 1% interest on the unpaid balance from the previous month. (a) Find the first year's monthly payments and the unpaid balance after each month. (b) Find the total amount of interest paid over the term of the loan.

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