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Monika would like to buy a new car for $30’000. Her bank is willing to give...

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Accounting

Monika would like to buy a new car for $30’000. Her bank iswilling to give her a
loan for the entire amount. The interest on the loan is 5% APY(Annual Percentage
Yield). Loan’s duration is 2 years. What equal monthly paymentwill Monika have to
pay to the bank for the next 2 years to completely reimbursethe loan?

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