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A bank will lend you $16,000 to buy a car. The loan requires monthly payments and will be fully amortized over 4 years or 48

A bank will lend you $16,000 to buy a car. The loan requires monthly payments and will be fully amortized over 4 years or 48 months. The annual interest rate is 3%. What is the monthly loan payment? Round your answer to 2 decimal places.

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