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8. You have just signed for $16,000, 48-month car loan at 7% APR, compounded monthly, where the first payment is due one month from today.

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8. You have just signed for $16,000, 48-month car loan at 7% APR, compounded monthly, where the first payment is due one month from today. This loan will require equal payments each month. What is the size of the monthly payment? (10 points)

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