What will the yearly payment be, Finance Basics

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What will the yearly payment be

Problem

Go to the St. Louis Federal Reserve FRED database and find data on the interest rate on a four-year auto loan (TERMCBAUTO48NS). Assume that you borrow $20 000 to purchase a new automobile and that you finance it with a four-year loan at the most recent interest rate given in the database. If you make one payment per year for four years, what will the yearly payment be? What is the total amount that will be paid out on the $20 000 loan?

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