What will be monthly payments that are due

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Question: You purchase a $25,000 car by making a down payment of $2,000 and borrowing the rest from a bank for 5 years at ½% per month compounded monthly. What will be your monthly payments that are due at the end of each month? After making 36 monthly payments, you want to pay off the loan completely. How much would you owe to the bank at that time to pay off the loan?

Reference no: EM132061447

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