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Posted on Sep 05, 2024

A commercial bank will loan you $ 5 8 , 2 3 0 for 4 years to buy a car. The loan must be repaid

A commercial bank will loan you $ $58, 230$ for $4$ years to buy a car. The loan must be repaid in equal monthly payments at the end of the month. The annual interest rate on the loan is $13.31$ percent of the unpaid balance. What is the amount of the monthly payments?

Round the answer to two decimal places.

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