# Nona purchased a new car earlier today for $32,000. She financed the entire amount using a five-year loan with a 3 percent interest rate (compounded monthly). (a) Compute the monthly payments for the loan. (b) How much will Nona owe on the loan after she makes payments for two years (i.e., after 24 payments)?

Chapter 4, Problems #25

Nona purchased a new car earlier today for $32,000. She financed the entire amount using a five-year loan with a 3 percent interest rate (compounded monthly).

(a) Compute the monthly payments for the loan.

(b) How much will Nona owe on the loan after she makes payments for two years (i.e., after 24 payments)?

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