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In order to buy a car, you borrow $19500 from a friend at 6%/year compounded monthly...

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Finance

In order to buy a car, you borrow $19500 from a friendat 6%/year compounded monthly for 4 years. You plan to repay theloan with 48 equal monthly payments.

a. How much are the monthly payments?

b. How much interest in in the 23rdpayment?

c. What is the remaining balance after the37th payment?

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Transcribed Image Text

In order to buy a car, you borrow $19500 from a friendat 6%/year compounded monthly for 4 years. You plan to repay theloan with 48 equal monthly payments.a. How much are the monthly payments?b. How much interest in in the 23rdpayment?c. What is the remaining balance after the37th payment?

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