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Annuity Payment and EAR You want to buy a car, and a local bank will lend you $ 2 0 , 0 0 0 .

Annuity Payment and EAR

You want to buy a car, and a local bank will lend you $

20, 000 .

The loan would be fully amortized over

5

years

(60

months

),

and the nominal interest rate would be

15 %,

with interest paid monthly. What is the monthly loan payment? Do not round intermediate calculations. Round your answer to the nearest cent.

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