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3. A $20,000 car is purchased under the 5-year loan at 2.4% (APR). What are the monthly payments? What is the total sum of payments? What wll be the net cost of the loan to the borrower versus cash? Hint: This is similar to annual calculation, but for month you need to consider the number of months and find the monthly interest to use in the formula

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5years こ5x12 こ 60 Periods こ $ 354-07 So, monthly payment 635464 こメ21,243, 96 Net Cost tf loan;委2124396-乒20,000 こキ1243.96

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