Course Hero Finance quiz 5.doc - Name 1(8 pts James bought...

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Name: _____________________________________________________ 1) (8 pts) James bought a Honda Accord for $20,000 at a local automobile dealership. If he borrows the full amount with a 5 year loan, 4% annual interest rate, compounded monthly, how much will his monthly payments be? ( 10 pts - bonus) What will be the balance on his loan after making four years of timely payments?
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