You have recently graduated from college and are ready to purchase your brand new Toyota...
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You have recently graduated from college and are ready to purchase your brand new Toyota FJ Cruiser. The car costs about $27,000. The bank quotes 5% APR for a 72 month amortized loan with a 10 percent down payment. What will your monthly payment be? What is the effective interest rate on the loan? What will the loan balance be after two years?
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