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Congratulations! You have just agreed on the final price for your new car and now you have to finance the purchase. The negotiated price of

Congratulations! You have just agreed on the final price for your new car and now you have to finance the purchase. The negotiated price of the new car is $18,500 and you will receive $5,500 for your tradein. What will your monthly payment be on a 48month loan with a 7% APR?

A. $281.25

B. $311.30

C. $385.42

D. $443.01

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