What will be the outstanding balance

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Emily buys a used car for $25,000 and puts a 10% down payment. She decides to finance the rest. She obtains an annual interest rate of 1.2% compounded monthly. She decides to make monthly payments of $300. What will be the outstanding balance after 24 months? (You are not permitted to individually calculate month after month 24 times.)

Reference no: EM13932940

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