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A car costs $11,000. A plan of payment involves down payment of $1,000 and the remainder of the cost is to be paid in equal

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A car costs $11,000. A plan of payment involves down payment of $1,000 and the remainder of the cost is to be paid in equal monthly payments for three years. The effective annual interest rate is 6.16778%. Calculate the following: The nominal interest rate if compounding occurs monthly. The amount of each monthly payment

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