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You borrow $8000 to purchase a car. The term of the loan is 4 years, the interest rate is 11 percent per year and payments
You borrow $8000 to purchase a car. The term of the loan is 4 years, the interest rate is 11 percent per year and payments are made monthly. How much is the payment if the loan is computed using simple interest (i.e. monthly interest is determined based on the remaining principle balance)?
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