Suppose that you borrowed 25000 from a bank at a monthly, Business Economics

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Suppose that you borrowed 25000 from a bank at a monthly

Suppose that you borrowed $25,000 from a bank at a monthly interest rate of 2% compounded monthly to purchase a car. This loan is to be repaid in 24 equal monthly installments over two years. How much is the monthly installment? What would be the monthly installment if the bank’s monthly interest rate were 1%?

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Business Economics: Suppose that you borrowed 25000 from a bank at a monthly

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Business Economics: Suppose that you borrowed 25000 from a bank at a monthly

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