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On 1/1/20, you purchase a new car for $20,000 with a 12% loan (note) payable monthly. Payments of principal and interest are made at the

On 1/1/20, you purchase a new car for $20,000 with a 12% loan (note) payable monthly. Payments of principal and interest are made at the end of each month for the next 30 months.

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  1. Compute the amount of your monthly payment.

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