Suppose you borrow 25000 to buy a new car at an annually


Suppose you borrow $25,000 to buy a new car at an annually compounded interest rate of 12% per year compounded monthly. The loan is to be paid back monthly for 4 years (48 payments total). How much will the monthly payment be?

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Business Economics: Suppose you borrow 25000 to buy a new car at an annually
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