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You're shopping for a new car. One car that you really liked costs $ 2 5 , 0 0 0 . You are planning to

You're shopping for a new car. One car that you really liked costs $

25, 000 .

You are planning to fully finance this purchase. The loan contract requires fixed monthly payments for

6

years, at

5

percent APR.

Calculate your required monthly payment on this car loan.

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