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You want to buy a new sports coupe for $83,500, and the finance office at the dealership has quoted you a 6.5 percent APR loan

You want to buy a new sports coupe for $83,500, and the finance office at the dealership has quoted you a 6.5 percent APR loan for 60 months to buy the car. What will your monthly payments be? What is the effective annual rate on this loan?

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