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You just purchased a secondhand BMW. The car cost RM136,000. The bank quotes an interest rate of 10% APR for a 72-month loan with a

You just purchased a secondhand BMW. The car cost RM136,000. The bank quotes an interest rate of 10% APR for a 72-month loan with a 10% down payment. You plan on trading the vehicle for a new one in two years. What will your monthly payment be? What is the effective interest rate on the loan? What will be the loan balance be when you trade the car in?

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