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You plan to buy a car that has a total "drive-out" cost of $24,700. You will make a down payment of $3,458. The remainder of the car's cost will be financed over a period of 4 years. You will repay the loan by making equal monthly payments. Your quoted annual interest rate is 9% with monthly compounding of interest. (The first payment will be due one month after the purchase date.) What will your monthly payment be?

$616.88

$524.67

$546.39

$528.61

$492.50