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You are going to borrow $40,000 for a new car. Determine the monthly payment for the following situation: I. A 48-month loan, 6.85% annual interest

You are going to borrow $40,000 for a new car. Determine the monthly payment for the following situation:

I. A 48-month loan, 6.85% annual interest rate

II. A 60-month loan, 6.59% annual interest rate

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