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Harry just bought a new Jeep Cherokee four-wheel drive for his lumber business. He took...

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Accounting

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Harry just bought a new Jeep Cherokee four-wheel drive for his lumber business. He took out a five-year loan of $23,000 at 11% interest rate per year with monthly payments. He is to pay back the principal and interest in equal payments beginning one month from now. What is the amount of Harry's monthly payment? $2,534.84 $500.08 $425.50 $6,223.12 $518.59

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