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A man buys a car for $32,000. If the interest rate on the loan is 12%, compounded monthly, and if he wants to make monthly

A man buys a car for $32,000. If the interest rate on the loan is 12%, compounded monthly, and if he wants to make monthly payments of $700 for 48 months, how much must hep down? (Round your answer to the nearest cent.)

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