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You have decided to buy a car that costs $ 2 3 , 4 0 0 . Since you do not have a big down

You have decided to buy a car that costs $

23, 400 .

Since you do not have a big down payment, the lender offers you a loan with an APR of

5.89

percent compounded monthly for

6

years with the first monthly payment due today. What is the amount of your monthly loan payment?

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