Determine the monthly loan payment

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Reference no: EM132754624

Question - On 10/1/2020, Dave purchased a brand new Telsa Model S by taking out a 5 year loan for $125,000 with an interest rate of 8%.

Requirement 1: Determine the monthly loan payment?

Requirement 2: Amortize the loan for the remainder of 2020 to determine:

i. 2020 Interest Expense

ii. 2020 Cash Flows

iii. 12/31/20 Loan Balance

Reference no: EM132754624

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