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Determine the monthly payment for the installment loan. Annual Number of Amount Percentage Payments per Time in Financed (P) Rate (r) Year (n) Years (t)

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Determine the monthly payment for the installment loan. Annual Number of Amount Percentage Payments per Time in Financed (P) Rate (r) Year (n) Years (t) $16,000 5.5% 12 5 The monthly payment is $ (Round to the nearest cent as needed.)

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