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Brad has purchased a new boat for $20,000. He paid $3,000 as down payment and he paid the balance by a loan from his hometown bank. The loan is to be paid on a monthly basis for two years charging 6 percent interest. How much are the monthly payments? How much interest will he pay in his first monthly payment?
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Brad has purchased a new boat for $20,000. He paid $3,000 as down payment and he paid the balance by...
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