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You are buying a car today with a purchase price of CAD 25,000. You do not have any down payment, and you would need to

You are buying a car today with a purchase price of CAD 25,000. You do not have any down payment, and you would need to ask for a financing option with monthly payment over 7 years. The car dealership offers you the interest rate of 5% monthly compounding. What would be the monthly payment? If you could have negotiated the price to be CAD 22,000, how much saving would you have in your monthly payment?

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