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You want to buy a $20,000 car. The dealer offers you a 5-year loan with an 8 percent APR and no down payment required. Assuming

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"You want to buy a $20,000 car. The dealer offers you a 5-year loan with an 8 percent APR and no down payment required. Assuming monthly compounding, what will the monthly payments be?" $405.53 "$1,615.96" $333.33 $272.19 Not possible to compute with the data provided

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