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You need to borrow $48,000 to buy an SUV. The current loan rate is 8.3% compounded monthly and you want to pay the loan off

You need to borrow $48,000 to buy an SUV. The current loan rate is 8.3% compounded monthly and you want to pay the loan off in equal monthly payments over 5 years. How much will your monthly payment be? 1) $529.29 2) $529.29 3) $1,342.84 4) $980.17

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