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1. Timothy secured a 5-year car lease at 5.60% compounded annually that required him to make payments of $884.36 at the beginning of each month.

1. Timothy secured a 5-year car lease at 5.60% compounded annually that required him to make payments of $884.36 at the beginning of each month. Calculate the cost of the car if he made a downpayment of $3,750.

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