Graduated with an enginering degree and started working

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As soon as she graduated with an enginering degree and started working, Jamie bought a car for $40,000. A down payment of $10,000 was paid by her dad as graduation gift. The rest of the amount was financed with Generous motors at 3% nominal interest rate. If Jamie starts her first payment at the end of 13th month and makes 60 payments to pay the loan, what is her monthly payment?

Reference no: EM131009752

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