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What are your monthly payments if you borrowa

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Now, let's think about a loan that is amortized over a shorter period of time: a car loan. You are trying to decide between buying a new or used car. The used car has relatively low mileage and is in good condition. Both vehicles come with good warranties. You can borrow either $15,000 (new) or $5,000 (used) over 3 years at 6.5% interest.

a. What are your monthly payments if you borrow only $5,000 over 3 years at 6.5% interest for a used car?

Reference no: EM132503319

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