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Your cousin is in the market for a new car and the car he wants to purchase is currently selling for 450.000+. He has 200.000+)
Your cousin is in the market for a new car and the car he wants to purchase is currently selling for 450.000+. He has 200.000+) saved and will finance the rest with an amortized loan. His bank quotes him an annual interest rate of 28,8 percent for a 5-year loan which will be repaid in equal monthly installments. a. What will be his monthly car payments? b. Suppose that your cousin expects to receive a large bonus from his job at the end of the year (at the end of 12 months) and therefore expects to be able to pay off his loan. How much will he still owe to the bank after making 12 monthly payments? c. What percentage of your cousin's total car payments during this 12-month period will go toward interest
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