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You want to purchase a new sports car from BD Motors for $70,000. The contract is in the form of a 48-month annuity-due at 8%

You want to purchase a new sports car from BD Motors for $70,000. The contract is in the form of a 48-month annuity-due at 8% interest APR. If you put $5,000 down today, what will the monthly payment be? What is the Effective Annual Rate (EAR)?

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