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A heavy construction company plans to purchase a front loader with a price tag of $ 6 0 , 8 0 5 . The company

A heavy construction company plans to purchase a front loader with a price tag of $

60, 805 .

The company plans to finance the purchase with a loan. The down payment is $

18, 771

and the loan stipulates uniform monthly payment at

3 %

annual percentage rate

(

APR

)

for

5

years.

-

What is the monthly payment?

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