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You buy a car from a dealer, and have a bank finance the loan. The loan amount is $30,605 and it is to be repaid

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You buy a car from a dealer, and have a bank finance the loan. The loan amount is $30,605 and it is to be repaid by equal monthly installments over the next 60 months. The bank charges an interest rate of 0.7% a month. What are your monthly payments? (Hint: you should use the annuity formula that was taught in class.)

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