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A commercial bank will loan you $30,981 for 8 years to buy a car. The loan must be paid in equal monthly payments at the

A commercial bank will loan you $30,981 for 8 years to buy a car. The loan must be paid in equal monthly payments at the end of the month. The annual interest rate on the loan is 16.41 percent of the unpaid balance. What is the amount of the monthly payments?

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