What is the amount of the equal monthly payment

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Reference no: EM13710334

Suppose you take out a car loan of $10,000 with an interest rate of 12% compounded monthly. You will pay off the loan in 48 months with equal monthly payments.

a) What is the monthly interest rate?

b) What is the amount of the equal monthly payment?

c) What is the interest payment for the 20th payment?

d) What is the total interest paid over the life of the loan?

Reference no: EM13710334

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