You borrowed 5000 at 6 compounded annually the loan was
You borrowed $5,000 at 6%, compounded annually. The loan was repaid according to the following schedule. What was the payment in the 3rd and 5th year?
N
1 $750
2 $500
3 X
4 $1000
5 2X
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Your new car loan is $40,000 and your payments per month are $650 for 5 years. What are the annual nominal interest rate and the effective interest rate on this loan?
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