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You need to borrow $64,000 to buy an SUV. The current loan rate is 6.5% compounded monthly and you want to pay the loan off

You need to borrow $64,000 to buy an SUV. The current loan rate is 6.5% compounded monthly and you want to pay the loan off in equal monthly payments over 6 years. How much will your monthly payment be?

Question 3 options:

1) $602.47
2) $1,075.84
3) $1,366.31
4) $559.43

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