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A man borrows a loan of $20,000 to purchase a car at annual rate of interest of 6%. He will pay back the loan through
A man borrows a loan of $20,000 to purchase a car at annual rate of interest of 6%. He will pay back the loan through monthly installments over 5 years, with the first installment to be made one month after the release of the loan. What is the monthly installment he needs to pay? $325.85 $486.66 $225.85 $386.66
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