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1. You are considering buying a new car. The sticker price is $20,000 and you have $5,000 to put toward a down payment. If you

1. You are considering buying a new car. The sticker price is $20,000 and you have $5,000 to put toward a down payment. If you can negotiate a nominal annual interest rate of 3.85% p.a. and you wish to pay for the car over a 3-year period, what will be your monthly car payment?

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