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You need a 27-year fixed rate loan to buy a new car for 22,000. Your bank will lend you the money at an annual interest

You need a 27-year fixed rate loan to buy a new car for 22,000. Your bank will lend you the money at an annual interest rate of 5.3% APR. What is your annual payment?

1. 1,550.51

2. 814.81

3. 1,472.47

4. 665.52

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