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You purchased a car using some cash and borrowing $6,000 (the present value) for 25 months at 17% per year. Calculate the monthly payment (annuity).

You purchased a car using some cash and borrowing

$6,000

(the present value) for

25

months at

17%

per year. Calculate the monthly payment (annuity). Then assume you have made ten payments. What is the balance (present value) of your loan?

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