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You have recently graduated from college and are ready to purchase your brand new Toyota FJ Cruiser. The car costs about $27,000. The bank quotes

You have recently graduated from college and are ready to purchase your brand new Toyota FJ Cruiser. The car costs about $27,000. The bank quotes 5% APR for a 72 month amortized loan with a 10 percent down payment. What will your monthly payment be? What is the effective interest rate on the loan? What will the loan balance be after two years? How do you do this using a financial calculator?

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