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March 29, 2017

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The price of a new car is 20,000. Assume that an individual makes a down payment of 25% toward the purchase of a new car and secures financing for the balance at the rate of 10%/year compounded monthly.

What monthly payment will be required to make if the car is financed over a period of 36 months?

What will the interest be if she elects the 36-month plan?

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