Question

Asked Nov 19, 2019

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Suppose you borrow 11,000 for 5 years at 6% towards the purchase of a car. What would be the monthly payments and total interest for the loan?

Step 1

**The computation of monthly payments:**

Hence, the monthly payment is __212.66.__

Step 2

**The computation of total payment:**

Hence, the total of monthly payment is **12759.6**

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