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You purchased a car using some cash and borrowing $20,000 (the present value) for 63 months at 11% per year. Calculate the monthly payment (annuity).

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You purchased a car using some cash and borrowing $20,000 (the present value) for 63 months at 11% per year. Calculate the monthly payment (annuity). Then assume you have made ten payments. What is the balance (prosent value) of your loan? The monthly payment at the specified loan rate over the given period is $ (Round to the nearest cont.)

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