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Monika would like to buy a new car for $30000. Her bank is willing to give her a loan for the entire amount. The interest

Monika would like to buy a new car for $30000. Her bank is willing to give her a

loan for the entire amount. The interest on the loan is 5% APY (Annual Percentage

Yield). Loans duration is 2 years. What equal monthly payment will Monika have to

pay to the bank for the next 2 years to completely reimburse the loan?

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