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Tom is thinking about buying a car. The car costs $31,250 and he will put 20% down. What will his monthly car payment be if

Tom is thinking about buying a car. The car costs $31,250 and he will put 20% down.

What will his monthly car payment be if he takes out a 5-year loan with a 6.2% Average Percentage Rate (APR)

How will the monthly payment change if he takes out a 4-year loan?

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