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Eric wants to buy a new Mercedes. The cost is $80,000. Eric will put $20,000 down and pay the rest in equal monthly payments over

Eric wants to buy a new Mercedes. The cost is $80,000. Eric will put $20,000 down and pay the rest in equal monthly payments over five years which will begin in one month and which include interest at 10%. How much are the monthly payments?

A) $ 1,000.00

B) $ 1,274.82

C) $ 1,008.33

D) $ 6,019.77

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