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To purchase a new car, you borrow $32,000 for 6 years at the rate of interest of 8.9% APR compounded monthly, and you make monthly

"To purchase a new car, you borrow $32,000 for 6 years at the rate of interest of 8.9% APR compounded monthly, and you make monthly car payments. How much interest do you pay on the 6th payment?"

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