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You want to have $28,000 two years from today to buy a new car. You will deposit an equal amount from your paycheck each month
You want to have $28,000 two years from today to buy a new car. You will deposit an equal amount from your paycheck each month in an account paying 12% annually, with monthly compounding. The first deposit will be made at the end of this month. What should be the amount of the monthly payment?
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