On September 1, 2018, you bought a used car for $37,000. You paid $2,000 down...
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On September 1, 2018, you bought a used car for $37,000. You paid $2,000 down and financed the balance with a five-year loan at an annual percentage rate of 6.8 percent compounded monthly. You stated the monthly payments exactly one month after the purchase the loan. If the bank charges you a 3 percent prepayment penalty based on the loan balance, how much must you pay the bank on November 1, 2020?
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