You are buying a new car for $31,800.00. You have $5,000 for a down payment and you

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You are buying a new car for $31,800.00. You have $5,000 for a down payment and you wish to fi nance the remainder over 4 years. The car dealer offers you a 7% loan with up -

front costs of $250. You take possession of the car on May 1, 2009 and your fi rst loan payment is due the same day. How much are your monthly payments?

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