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Your clients just purchased a new automobile for $28,600. They put $3,600 as a down payment; the remainder is financed. The terms of the fully
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Your clients just purchased a new automobile for $28,600. They put $3,600 as a down payment; the remainder is financed. The terms of the fully amortized loan follow: 6-year loan, monthly payments made at the end of month, 6.8% annual percentage rate. How much is their monthly payment?
a. $421.44
b. $423.83
c. $406.72
d. $434.38
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