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You are considering buying a car that costs $15,000. You have arranged to finance $10,000 of the purchase price by borrowing money from your bank. According to the loan agreement, the interest is 6%, compounded monthly, and you must make monthly payments for the next four years. How much are the monthly loan payments?
$234.85 |
$208.33 |
$240.49 |
$352.28 |
None of the answers is correct. |
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