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Mateo takes out a car loan for a new Porsche costing $ 1 1 0 , 0 0 0 . He puts down $ 1

Mateo takes out a car loan for a new Porsche costing $

110, 000 .

He puts down $

17, 000

when he purchases the car to try and limit his debt. The loan is structured for

48

months with a monthly rate of

0.9 % .

How much will he have to pay each month if he wants to start paying immediately?

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