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You are going to purchase a new car today for $40,000. In order to finance this purchase, you are going to take out a 60-month

You are going to purchase a new car today for $40,000. In order to finance this purchase, you are going to take out a 60-month loan at an interest rate of 1 percent per month. What is the amount of your monthly payment? Assume your first payment will be made one month from today. Your monthly payment will be

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