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You have borrowed $50,000 to purchase your new Porsche. The loan has to be paid off in equal monthly installments over the next 36 months

You have borrowed $50,000 to purchase your new Porsche. The loan has to be paid off in equal monthly installments over the next 36 months with each installment including both markup and principal. Estimate the monthly payment assuming a 1% monthly markup. (712 a. b. At the end of one year, how much would you still owe on the loan? (7 1/2)

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