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ou are negotiating to buy a new car with a car salesman at a local dealer. You have egotiated the price to $36,000. You have
ou are negotiating to buy a new car with a car salesman at a local dealer. You have egotiated the price to $36,000. You have $3,000 to put towards the down paymer and plan to get a loan for the rest. If you can get an annual interest rate of 11 perce APR (with monthly compounding) over a 5-year period, what would be your monthl payment? Round it to two decimal place (cents), e.g., 234.56. Your
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