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You are considering purchasing a car with a sticker price of$36,270 (nonnegotiable with no down payment required). You wish tomake monthly payments for six years and the most you can afford topay is $600 a month. Your local bank/credit union has agreed toloan you the money at a 4.39% annual interest rate. Create anamortization table reporting the beginning/ending loan balance,total payment, and portion of payment going to interest andprincipal. Create a IF statement that answers the question ofwhether you can afford the loan. What is your monthly loan paymentand what is your total interest paid on the loan?
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