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A college student is buying a new car, which costs $16,500 plus 8% sales tax. The title, license, and registration fees are $650. The dealer
A college student is buying a new car, which costs $16,500 plus 8% sales tax. The title, license, and registration fees are $650. The dealer offers her a financing program with a constant monthly payment. The dealer offers to finance 80% of the car's price for 48 months at a nominal interest rate of 9% per year, compounded monthly.
How much is the monthly payment?
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