Mathematics, 11.07.2021 08:10, 0139236

Tom wants to borrow $16,578 for a car. The bank is going to charge him 12% interest annually, compounded monthly. If his car payment is $345.00 a month. How much will he owe at the end of 4 months? (Take this one month at a time. Determine the interest for the month; add it to the principal. Then subtract the payment, and that is your new principal for the next month.)

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Tom wants to borrow $16,578 for a car. The bank is going to charge him 12% interest annually, compou...