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Posted on Oct 06, 2024

James is planning to buy a car and is considering taking out a loan for $ 2 5 , 0 0 0 . He plans

James is planning to buy a car and is considering taking out a loan for $

25, 000 .

He plans to repay the loan over

5

years with monthly payments. The car loan has an annual interest rate of

4.8 %,

compounded monthly. What will be James's monthly payment for the car loan?

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