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    A man borrows $30,000 to purchase a car.

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    A man borrows $30,000 to purchase a car. He agrees to pay $1000 per month. If the interest rate is 12% compounded monthly.

    a. How many regular payments of $1000 is necessary to pay off the loan?
    b. What is the size of the last payment?

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    Solution Summary

    Provides steps necessary to determine regular payments to pay off a loan and the size of the last payment.