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5 - Worth 6 points. If Maggie wants to purchase a $30,000 car and can borrow 100% of the value at an 8% interest rate

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5 - Worth 6 points. If Maggie wants to purchase a $30,000 car and can borrow 100% of the value at an 8% interest rate payable over 5 years, how much is his approximate monthly payment using the TVM tables? Hint: Solve for the annuity to find the annual payment and then divide by 12 for the monthly payment. Please show your work

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