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What is the monthly payment

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Reference no: EM133127836

Question - Suppose you borrow $25000 to buy a car. You will make monthly payments for 5 years with an interest rate of 7% per year compounded monthly.

a) What is the monthly payment?

b) If you could pay an extra $50 per month, how many years will it take to pay off the loan?

Reference no: EM133127836

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