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Find the monthly payment and the total interest for the loan

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Reference no: EM131057516

Use PMT = (P(r/n)/[1-(1+(r/n))-nt]). Round the payment to the nearest dollar.

Suppose that you decide to buy a car for $25,485, including taxes and licensed fees. You saved $7000 for a down payment and can get a five year loan at 6.52%. Find the monthly payment and the total interest for the loan.

Reference no: EM131057516

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