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Posted on Jul 29, 2024

Cozmo Costanza just took out a $50,000 bank loan to help purchase his dream car. The bank offered a 5-year loan at a 9% APR.

Cozmo Costanza just took out a $50,000 bank loan to help purchase his dream car. The bank offered a 5-year loan at a 9% APR. The loan will feature monthly payments and monthly compounding of interest. What is the monthly payment for this car loan?

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