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You are planning to buy a car on credit. The car costs $40,000 today. The dealer offers financing (a car loan) for 4 years at

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You are planning to buy a car on credit. The car costs $40,000 today. The dealer offers financing (a car loan) for 4 years at an APR of 12% compounded monthly. The first monthly payment is a month from today. How much is the monthly payment under the financing (car loan) if you purchase the car on credit today? For your answer round to the nearest dollar, do not enter the dollar ($) sign, and use commas for the thousands. For example, if you obtained $1,240.75 then enter 1,240 Your

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