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4. Calculate the payments and amortization table of a 3-year car loan for $12,000 at a...

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Finance

4. Calculate the payments and amortization table of a 3-year carloan for $12,000 at a 6% rate of interest. The loan will be repaidwith three annual payments.

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The formula for calculating the payment amount is shown below A P r 1 rn 1 rn 1 where A is the annual amount P is the initial loan amount 12000 r is the rate of interest 6    See Answer
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