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You have just purchased a car and taken out a $50,000 loan. The loan has a five-year term with monthly payment and an APR of

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You have just purchased a car and taken out a $50,000 loan. The loan has a five-year term with monthly payment and an APR of 5.5%. 1. What is the monthly interest rate? O A. 1.38% B. 0.46% C. 0.015% OD. 2.75% 2. If your monthly payment is $955.06, how much will you pay in interest during the first month of the loan? A. $4.38 B. $52.53 C. $229.17 D. $2,750.00

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