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The annual interest rate on the loan is 588 percent of the

A commercial bank will loan you $50,408 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 5.88 percent of the unpaid balance. What is the amount of the monthly payments?

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Financial Management: The annual interest rate on the loan is 588 percent of the

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