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Question: 5 you bought a used car for 400000 at a...

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5. You bought a used car for $4,000.00 at a nominal interest rate of 6%. You agreed to pay for the car in 12 equal monthly payments, beginning with the first payment at the time of the purchase of the car. a) What is the monthly payment? b) Immediately after making the fifth payment, you made an arrangement with the company to pay back the rest of the loan with one single payment at the time when the sixth payment was due. What is your sixth payment?

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