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Business, 24.02.2020 23:32 ethanyayger

On January 1st, Frank bought a used car for $72,000 and agreed to pay it as follows: ¼ down payment; the balance to be paid in 36 equal monthly payments; the first payment due February 1; an annual interest rate of 9%, compounded monthly. a) What is the amount of Frank’s monthly payment? b) During the summer, Frank made enough money to pay off the entire balance due on the car

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On January 1st, Frank bought a used car for $72,000 and agreed to pay it as follows: ¼ down payment;...
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