Question: a) If one borrows $20,000 to purchase a car, repays over 4 years (48 equal monthly payments, starting in one month) interest is 6% =

a) If one borrows $20,000 to purchase a car, repays over 4 years (48 equal monthly payments, starting in one month) interest is 6% = .5% per month; what is their monthly payment?

b) how much interest do they pay over the 4 years?

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