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How much will nona owe on the loan after makes payments

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Reference no: EM133010306

Nona purchased a new car earlier today for $37,000. She financed the entire amount with a seven-year loan that has a 3 percent interest rate (compounded monthly).

Problem a. Compute the monthly payments for the loan.

Problem b. How much will Nona owe on the loan after she makes payments for 2 years (i.e., after 24 payments)?

Reference no: EM133010306

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