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You have recently finished your MBA at the DarnIt Business School. Naturally, you must purchase a new BMW immediately. The car costs about $21,000. The

You have recently finished your MBA at the DarnIt Business School. Naturally, you must purchase a new BMW immediately. The car costs about $21,000. The bank quotes an interest rate of 15% APR for a 72 month loan with a 10 percent down payment. You plan on trading the car in for a new one in two years.

1)What will the loan balance be when you trade in the car?

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