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You are considering buying a new car with the price of $25,000, and you have $3000 for down payment. You obtained a 5-year car loan

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You are considering buying a new car with the price of $25,000, and you have $3000 for down payment. You obtained a 5-year car loan at a nominal annual interest rate of 6% p.a. How much is your monthly loan payment? $366.67 $416.67 $1,361.27 $425.32 $483.32

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