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Suppose you have a bank loan of $1,711 with an APR of
5.9% for 2 years. What are your required monthly
payments. What if you want to pay off the loan off in 1
years instead, what would be your monthly payment be
now (write the amount in your work submission)?
Compare the total amounts paid over the long term in
each scenario (explain in your work submission).
Sagot :
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