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Kara is opening a new daycare business in her home. She needs $ 6 5 0 0 to purchase toys and a backyard playset. Kara

Kara is opening a new daycare business in her home. She needs $

6500

to purchase toys and a backyard playset. Kara makes a

10 %

down payment and finances the balance with a

48 -

month fixed installment loan with an APR of

4.5 % .

What is the monthly payment? Use the Installment Payment Formula

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