A recent college graduate buys a new car by borrowing $18,000 at 8.4% compounded monthly for 5

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A recent college graduate buys a new car by borrowing $18,000 at 8.4% compounded monthly for 5 years. She decides to pay $384 instead of the monthly payment required by the loan.

(a) What is the monthly payment required by the loan, and how much extra did she pay per month?

(b) How many $384 payments will she make to pay off the loan?

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Mathematical Applications For The Management, Life And Social Sciences

ISBN: 9781337625340

12th Edition

Authors: Ronald J. Harshbarger, James J. Reynolds

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Question Posted: Oct 21, 2020 04:17 AM

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A recent college graduate buys a new car by borrowing $18,000 at 8.4% compounded monthly for 5

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a 36843 is required by the loan Since she pays 384 per month the extra amount per month is ...View the full answer

Mathematical Applications For The Management, Life And Social Sciences

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