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You buy a car for $13,000. After making a down payment of $3,000, you finance the remainder to be repaid in monthly installments over the
You buy a car for $13,000. After making a down payment of $3,000, you finance the remainder to be repaid in monthly installments over the next 5 years. The first payment occurs one month from today. If the annualized interest rate for the loan is 5.5%, what is your monthly car payment? Do not round intermediate calculations. Enter your answer as a positive number, and round to the nearest penny.
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