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Robert Smith purchased a used car for $16,000. To pay for his purchase, he borrowed $14,000 from a local bank at 12%. The loan requires
Robert Smith purchased a used car for $16,000. To pay for his purchase, he borrowed $14,000 from a local bank at 12%. The loan requires that Robert repay the loan by making 36 monthly payments. How much will Robert have to pay each month to repay the loan?
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