Suppose that you borrow $11,000 for five years at 7% toward the purchase of a car. Use PMT = P(r/n) / [1 - (1 + r/n)^(-nt)] to find the monthly payments and the total interest for the loan. The monthly payment is $217.81 (Do not round until the final answer. Then round to the nearest cent as needed.) The total interest for the loan is $ (Use the answer from part (a) to find this answer. Round to the nearest cent as needed.)
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"Suppose iBi yoU bonov chase 01 # cal Use PMI Ina boan" can be rearranged to form a sentence - "Suppose you borrow $10,000, use PMI, and buy a house." Show more…
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