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A new graduate from UGA decides to purchase a new car today for $30,000. The graduate will finance the entire purchase with an amortized loan.

A new graduate from UGA decides to purchase a new car today for $30,000. The graduate will finance the entire purchase with an amortized loan. The terms of the loan are 7-years at 4.80% APR with monthly compounding. What will the balance be on the loan after the first payment? (Round to the nearest dollar) O$29,699 $29,579 $29,679 $29,685 $25,499

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