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A family purchased a new ski boat for $22,000. The loan agency required a 15% down payment and they financed the balance with a

A family purchased a new ski boat for $22,000. The loan agency required a 15% down payment and they financed the balance with a 60-month fixed installment loan with an APR of 5.5%. Determine the total finance charge and monthly payment for this loan. Round your answers to the nearest cent. Total Finance Charge: Monthly Payment:

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