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Unformatted text preview: 0.75% No. of payments 60 360 Monthly Payment $241.66 $412.37 TOTAL monthly payment $654.03 Add both payments Part (b): Monthly payment $400.00 Months to pay off loan 34.06 Use PMT function Use NPER function Part (a): Loan amount $20,000.00 Nominal rate 12% Payment frequency Monthly No. of Payments 48 Monthly Payment $526.68 Part (b): Loan fee 4% Actual Loan Amount $19,200.00 Compute actual loan amount Monthly Payment $526.68 Interest per month 1.18% Effective Rate 15.17% Use PMT function Use RATE function Use EFFECT function or program formula...
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 Spring '07
 KailashBafna

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