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You have financed the purchase of a used Mercedes with a $31,500 loan with a 5-year term, monthlypayments, and an 8% stated annual rate. What

You have financed the purchase of a used Mercedes with a $31,500 loan with a 5-year term, monthlypayments, and an 8% stated annual rate. What is the amount of your monthly loan payment?a.$657.45b.$583.33c.$477.92d.$638.71e.$350.00

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