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Question 1 5 ( 4 points ) You plan to buy a car that has a total drive - out cost of $ 3 0

Question 15(4 points)
You plan to buy a car that has a total "drive-out" cost of $30,200. You will make a down payment of $3,322. The remainder of the car's cost will be financed over a period of 6 years. You will repay the loan by making equal monthly payments. Your quoted annual interest rate is 9% with monthly compounding of interest. (The first payment will be due one month after the purchase date.) What will your monthly payment be?
$480.88
$484.49
$499.30
$563.71
$451.40
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