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You have just negotiated a five-year, 5.64%, $33,000 new car loan with the manager of a local auto dealer. When she went back to the
You have just negotiated a five-year, 5.64%, $33,000 new car loan with the manager of a local auto dealer. When she went back to the loan arranger to bring you the payment details, you decided to figure them out for yourself (based on a true story provided by a former ECON 423 student). a. What is the monthly payment that you would have to make on this loan? b. How long would it for the loan's outstanding balance to be equal to 30% of its original amount? In other words, how many months would it take to pay off 70% of the loan
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