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GOFAST wants to buy a $120,000 car and have it paid off in 5 years by paying in equal monthly instalments including both the principal

GOFAST wants to buy a $120,000 car and have it paid off in 5 years by paying in equal monthly instalments including both the principal amount and accumulated interest. Assume the rate is 9 per cent compounded monthly. Required: How much would be each monthly payment? (2 marks)

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