The February 26, 2007 issue of American Banker reported the average interest rate charged by commercial banking companies for new car loans rose to 7.72%. Some analysts remain concerned that rising credit costs will create a headache for lenders. Jane Stocker plans to finance a new car, in the amount of $23,600, at 7.5% for 60 months. (a) What is her monthly payment to nearest cent (use loan amortization table)? (b) How much interest will Jane pay on her loan?
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