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You take out a car loan at your local bank for the purchase of a...

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Accounting

You take out a car loan at your local bank for the purchase of a new car. The total cost including taxes and preparation costs are: $25,985. Your banks nominal interest rate for car loans is at the moment 7 14 % for a 5-year amortization period. Calculate your monthly payments and the remaining balance after 3 years.

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