Sam borrowed money from a bank to invest in antiques.He took out a personal, amortized...
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Sam borrowed money from a bank to invest in antiques.He took out a personal, amortized loan for $28,000, at an interest rate of 7.55%, with monthly payments for a term of 2 years.For each part, do not round any intermediate computations and round your final answers to the nearest cent.If necessary, refer to the list of financial formulas.(a) Find Sam's monthly payment.(b) If Sam pays the monthly payment each month for the full term, find his total amount to repay the loan.(c) If Sam pays the monthly payment each month for the full term, find the total amount of interest he will pay.
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