Calculate the required monthly payments to pay off the loan, Financial Management

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Calculate the required monthly payments to pay off the loan

The purchase price of a car is $25,000. John makes a down payment of $5,000 and borrows the balance from a bank at 6% annual interest for three years. (a) Calculate the required monthly payments to pay off the loan. (b) What is the unpaid loan amount after making one year's payments?

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Financial Management: Calculate the required monthly payments to pay off the loan

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Financial Management: Calculate the required monthly payments to pay off the loan

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