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A $45,000 loan is taken out on a boat with the terms 3​% APR for 36...

A $45,000 loan is taken out on a boat with the terms 3​% APR for 36 months. How much are the monthly payments on this​ loan?

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Answer #1

Monthly payments are calculated using the PMT function:-

=PMT(rate,nper,pv)

=PMT(3%/12,36,45000)

=1308.65

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