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Question #18: You just graduated and want to give yourself a gift of a new automobile. The terms of the deal are as follow: Cost

Question #18: You just graduated and want to give yourself a gift of a new automobile. The terms of the deal are as follow:

Cost of the new automobile is $32,600

You will pay $1,800 to reduce the cost of the automobile

The interest rate of the loan is 4.80%, compounded monthly

The term of the loan is 5 years

Required: Calculate the monthly payment.

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