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You are borrowing $20,000 to buy a car. The terms of the loan call for monthly payments for 5 years at 3 percent monthly interest.

You are borrowing $20,000 to buy a car. The terms of the loan call for monthly payments for 5 years at 3 percent monthly interest. What is the amount of each monthly payment?

A. $122.66

B. $283.23

C. $722.66

D. $756.85

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