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AVYou want to buy a used Lexus for $26,500. The bank has quoted you an 11.9% APR for a 60-month loan to buy the car.

AVYou want to buy a used Lexus for $26,500. The bank has quoted you an 11.9% APR for a 60-month loan to buy the car. What will your monthly payment be? What is the effective annual rate on this loan?

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