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You have received a job offer upon graduation from a prestigious consulting firm. Before you receive your first paycheck, you have decided to purchase a

You have received a job offer upon graduation from a prestigious consulting firm. Before you receive your first paycheck, you have decided to purchase a $100,000 Porsche. The Eighth National Bank of Okemos is willing to give you a 5-year loan, but they require a 10% down payment, and the interest rate will be 10% annually. How much will your monthly payments be?

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  • $2,124.70

  • $1,912.23

  • $2,098.40

  • $1,715.25

  • $3,890.16

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