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The purchase price of a car is $25,000. Mr. Smith makes a down payment of $5000 and borrows the balance from a bank at 6% interest for five years. If payments are made monthly in equal installments an

The purchase price of a car is $25,000. Mr. Smith makes a down payment of $5000 and borrows the balance from a bank at 6% interest for five years. If payments are made monthly in equal installments and interest is computed monthly, calculate the required monthly payments to pay off the loan.

 

May 22 2021 View more View Less

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