Calculate the interest and principal components

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Reference no: EM133492478

A $20,000 car loan at $13.2% compounded monthly is to be repaid over a four-year term by equal monthly payments.

Question 1: Calculate the interest and principal components of the 27th payment.

Question 2: How much interest will be paid in the last (fourth) year of the loan?

Reference no: EM133492478

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