Sam wants to buy a new car, he goes to BMW dealership. He puts $10,000...
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Sam wants to buy a new car, he goes to BMW dealership. He puts $10,000 down payment for a $70,000 car and finances the remainder. His loan has 6% annual interest rate which he needs to make monthly payments for 5 years. At the end of first year BMW sells the right to receive future payments to SunTrust at a price that will yield SunTrust 8% convertible quarterly. Find the total amount of interest received by SunTrust and BMW dealership.
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