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You just borrowed $15,770 to buy a car. The loan has an APR of 4.5% with monthly compounding. The first payment is due in one

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You just borrowed $15,770 to buy a car. The loan has an APR of 4.5% with monthly compounding. The first payment is due in one month. There will be a total of 58 monthly payments. The size of the monthly payments will decline by 2.5% per month. How big is the 7 th monthly payment

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