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Simon bought a brand new car for the price of $ 2 0 , 0 0 0 . He made a down payment of $

Simon bought a brand new car for the price of $20,000. He made a down payment of $4,000.a) how much does he still have to pay?b) Simon decides to repay the rest in a simple ordinary annuity; he will makes monthly payments for 4 years at 10% per annum compounded monthly. Calculate the monthly payment amount.

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