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You purchase a new boat from a local dealer at a cost of Si3,ooo. To pay for the boat you pay a deposit of $2,000.

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You purchase a new boat from a local dealer at a cost of Si3,ooo. To pay for the boat you pay a deposit of $2,000. You borrow the necessary funds to complete the purchase from your bank at a nominal stated rate of 12% compounded monthly and pay the loan off in one year. What are your monthly payments? $12,320.00 $977-34 Cannot be determined from the information provided Si,155-03

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