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G3.2 Jason bought a car for $40,000 upon graduation from college with an engineering degree and a very good job after. A down payment of
G3.2 Jason bought a car for $40,000 upon graduation from college with an engineering degree and a very good job after. A down payment of $5,000 was paid by his dad as a graduation gift. The rest of the amount was financed with Generous Motors at 6% nominal interest with 60 monthly payments, the first payment which is to start at the end of the 13th month so the total period is 6 years. You have already determined the formulation used to compute the monthly payment. Write down the computed value in the space below
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