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You want to buy a car, and a local bank will lend you $25,000. The loan will be fully amortized over 5 years and the
You want to buy a car, and a local bank will lend you $25,000. The loan will be fully amortized over 5 years and the nominal interest rate will be 15%. What will be the annual loan payment?
What will be the remaining principal balance at the end of the fourth year?
What will be the interest rate payment for the fifth year?
show all work please
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