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You purchased a car using some cash and borrowing $11,000 (the present value) for 55 months at 8% per year. Calculate the monthly payment (annuity).

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You purchased a car using some cash and borrowing $11,000 (the present value) for 55 months at 8% per year. Calculate the monthly payment (annuity). Then assume you have made ten payments. What is the balance (present value) of your loan? The monthly payment at the specified loan rate over the given period is $ (Round to the nearest cent.)

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