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You buy a Lamborghini for $ 100,000 today. Bank lends you the entire amount at 0.2% per month for 60 months. You agree to make

You buy a Lamborghini for $ 100,000 today. Bank lends you the entire amount at 0.2% per month for 60 months. You agree to make regular monthly payments at the end of each month for the next 60 months.

a) How much is your monthly payment to pay off the entire loan in 60 months?

b) How much is your monthly payment if the remainder balance is to be $ 50,000 at the end of 60 months?

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