Upon graduation, Sid purchases a new car. To finance the car, he borrows $15000 at...
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Finance
Upon graduation, Sid purchases a new car. To finance the car, he borrows $15000 at 69% per year compounded monthly. The loan is to be repaid with equal monthly payments over 5 years. Show the calculations to justify your answers. (a) What are the Sid's monthly payments? (b) What is the payoff amount at the time of the 38th payment? (c) What is the remaining balance immediately after the 45th payment
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