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A student is shopping for an inexpensive car. He found one with a sticker price of $9,500 at a rate of 7.75% per year compounded
A student is shopping for an inexpensive car. He found one with a sticker price of $9,500 at a rate of 7.75% per year compounded monthly. He agreed to a $500 down-payment, which he has, 48 monthly payments and a lump sum payment of $1,000 at the end of loan period. Compute his monthly payment. Demonstate with cash flow diagram
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