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CIBC is advertising a 6 0 - month, 6 . 9 9 % APR ( with monthly compounding ) car loan. What will your monthly

CIBC is advertising a

60 -

month,

6.99 %

APR

(

with monthly compounding

)

car loan. What will your monthly payment be if you need to borrow $

20, 000

to purchase the car?

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