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7) You are thinking of buying a used car. The price is $8000. A $1000 down payment is required and then the balance in 60

7) You are thinking of buying a used car. The price is $8000. A $1000 down payment is required and then the balance in 60 equal monthly installments, each paid at the end of the month. If the interest rate is 3% per month, what is the monthly installment?

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