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e. You want to buy a new car for $20,000. A bank is willing to loan you this money to be repaid in 5

e. You want to buy a new car for $20,000. A bank is willing to loan you this money to be repaid in 5 years. There will be MONTHLY payments, and the ANNUAL interest rate is 12%. What is the monthly payment amount? What is the effective annual rate (given the monthly payment)?

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