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The annual interest rate on the loan is 1962 percent of the

A commercial bank will loan you $35,951 for 6 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 19.62 percent of the unpaid balance. What is the amount of the monthly payments?

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Finance Basics: The annual interest rate on the loan is 1962 percent of the

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