Mark has borrowed 18335 to finance the purchase a second, Financial Management

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Mark has borrowed 18335 to finance the purchase a second

Mark has borrowed $18335 to finance the purchase a second hand car. The loan is to be repaid over five years with monthly payments. Interest on the loan is charged monthly at 8.7% p.a. How much will each payment be, if Mark makes the first payment right away, on the day the car is delivered?

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