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Alicia just purchased a car for $12500. Her payment plan is as follows: $4000 down, $250 at the end of each month for 4 years,
Alicia just purchased a car for $12500. Her payment plan is as follows: $4000 down, $250 at the end of each month for 4 years, and the balance one month after the last $250 payment. If she is being charged interest at the rate of 21% compounded monthly, what must be the size of her final payment? (A: $998.06)
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