3. A $20,000 car is purchased under the 5-year loan at 2.4% (APR). What are...
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3. A $20,000 car is purchased under the 5-year loan at 2.4% (APR). What are the monthly payments? What is the total sum of payments? What will be the net cost of the loan to the borrower versus cash? Hint: This is similar to annual calculation, but for month you need to consider the number of months and find the monthly interest to use in the formula
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