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You borrow $7,030 to buy a car. The loan requires monthly payments for 7 years, and the interest rate is 8 percent annually with monthly

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You borrow $7,030 to buy a car. The loan requires monthly payments for 7 years, and the interest rate is 8 percent annually with monthly compounding. What is the amount of each payment? Assume the first payment is due in one month. $61.65 $102.37 $62.70 $109.57 $100.37

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