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You are negotiating to buy a new car with a car salesman at a local dealer....

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Finance

You are negotiating to buy a new car with a car salesman at alocal dealer. You have negotiated the price to $31,000. You have$3,000 to put towards the down payment and plan to get a loan forthe rest. If you can get an annual interest rate of 5 percent APR(with monthly compounding) over a 5-year period, what would be yourmonthly payment? Round it to two decimal place (cents)

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