In order to buy a car, you borrow $35,000 from a friend at 12%/year compounded monthly...
In order to buy a car, you borrow $35,000 from a friend at 12%/year compounded monthly for 4 years. You plan to repay the loan with 48 equal monthly payments.
a. How much are the monthly payments?
b. How much interest in in the 23rd payment?
c. What is the remaining balance after the 37th payment?
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In order to buy a car, you borrow $35,000 from a friend
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