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(7) A man borrows a loan of $20,000 to purchase a car at annual rate of interest of 6%. he will pay back the loan

(7) A man borrows a loan of $20,000 to purchase a car at annual rate of interest of 6%. he will pay back the loan through monthly installment over 5 years with the first installment to be made three months after the release of the loan. what is the monthly installment he needs to pay?

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