Suppose that a university student wants to take out a car loan for $20,000. For each...
Suppose that a university student wants to take out a car loan for $20,000. For each of the following scenarios calculate the fixed yearly payment (FP) and the total payments over the course of the loan:
a) n = 3 and i=.03
b) n = 5 and i = .05
c) n = 4 and i = .08
PLEASE SHOW YOUR WORK ON HOW YOU GOT EACH ANSWER (INCLUDING STEP-BY-STEP CALCULATIONS)!
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