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Problem 4-8 Annuity Payment and EAR You want to buy a car, and a local bank will lend you $35,000. The loan would be fully

Problem 4-8

Annuity Payment and EAR

You want to buy a car, and a local bank will lend you $35,000. The loan would be fully amortized over 3 years (36 months), and the nominal interest rate would be 8% with interest paid monthly. What is the monthly loan payment? Do not round intermediate calculations. Round your answer to the nearest cent.

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