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A commercial bank will loan you 32463 for 8 years to buy a

Question: A commercial bank will loan you $32,463 for 8 years to buy a car. The loan must be repaid in equal monthly payments at the end of the month. The annual interest rate on the loan is 11.46 percent of the unpaid balance. What is the amount of the monthly payments?

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Finance Basics: A commercial bank will loan you 32463 for 8 years to buy a

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