Make monthly car payments

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Reference no: EM131020334

To purchase a new car, you borrow $30,000 for 8 years at an interest rate of 12% APR compounded monthly, and you make monthly car payments. How much interest do you pay on the 9th payment? (Hint: First step start with computing the balance of the loan after the 8th payment) SHOW WORK!

Reference no: EM131020334

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