What is the monthly payment required by the loan

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Reference no: EM131785192

Question: A recent college graduate buys a new car by borrowing $18,000 at 8.4%, compounded monthly, for 5 years. She decides to pay an extra $15 per payment.

(a) What is the monthly payment required by the loan, and how much does she decide to pay each month?

(b) How many payments (that include the extra $15) will she make?

Reference no: EM131785192

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