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You purchased a new car for $35,000 by making a $10,000 down payment and borrowing the remainder at an annual rate of 9.25 percent for
You purchased a new car for $35,000 by making a $10,000 down payment and borrowing the remainder at an annual rate of 9.25 percent for five years. What is your monthly payment? (Hint: Compounding frequency will be the same as the payment frequency.)
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