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What monthly payments are required to pay off the loan

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Reference no: EM132767606

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a. Louiselle purchased a motor home for $9000 down with the balance to be paid by 60 monthly payments of $1176.40 including interest at 6% compounded monthly. What was the purchase price?

b. The interest rate on a $30,000 loan is 7.5% compounded monthly. What monthly payments are required to pay off the loan in 8 years?

Reference no: EM132767606

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