Loan must be repaid in equal monthly payments

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Reference no: EM13811837

A commercial bank will loan you $32,234 for 5 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 14.30 percent of the unpaid balance. What is the amount of the monthly payments?

Reference no: EM13811837


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