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You buy a car for $39000 today and the company gives you a loan for that amount for6-year term at 8% nominal annual interest, compounded

You buy a car for $39000 today and the company gives you a loan for that amount for6-year term at 8% nominal annual interest, compounded monthly. What would the monthly payment be?

  1. $645.91
  2. $683.80
  3. $729.07
  4. $701.69

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