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You go to a car dealership to purchase a new car. You take out a loan for $20,000 for a car with monthly payments for
You go to a car dealership to purchase a new car. You take out a loan for $20,000 for a car with monthly payments for 4 years. The interest rate charged on the loan is 3% compounded monthly.
a) Find the monthly payment rounded to two decimal places.
b) Find the total amount of interest paid over the course of the loan. Round your answer to the nearest dollar.
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