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A 48 month auto loan carries an interest rate of 6% APR and will be paid off via equal monthly payments. The amount borrowed is

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A 48 month auto loan carries an interest rate of 6% APR and will be paid off via equal monthly payments. The amount borrowed is $20,000. What will be the principal repayment for the first month? [Hint: First compute the monthly payment and then subtract the first month's interest to get the principal repayment.]

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