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explain 1. A commercial bank will loan you $17,500 for two years to buy a car. The loan must be repaid in 24 equal monthly

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1. A commercial bank will loan you $17,500 for two years to buy a car. The loan must be repaid in 24 equal monthly payments. The annual interest rate on the loan is 6%. What is the amount of the monthly payments? A. $1,394.98 B. $688.11 C. $3,779.39 D. $775.61

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