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You are financing the purchase of a car with a 5 - year loan at 6 % annual interest, compounded monthly. The purchase price of

You are financing the purchase of a car with a

5 -

year loan at

6 %

annual interest, compounded monthly. The purchase price of the car is $

50, 000 .

Your down payment is $

5, 000 .

What are your monthly payments?

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