Is it better off to pay a loan monthly or annually

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Reference no: EM13917565

Assume a car loan amount of $100,000, with annual interest rate 3% and 5 years term

1. Calculate annual payment amount

2. Calculate monthly payment amount

3. Is it better off to pay a loan monthly or annually? Why?

4. Prepare a 60 month loan amortization schedule

Reference no: EM13917565

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