Repaid in equal monthly installments over

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Elin purchased a used car for $10,000. She wrote a check for $2,000 as down payment for the car and financed $8,000 balance. The annual percentage rate (APR) is 9% compounded monthly, and the loan is to be repaid in equal monthly installments over the next four years. Which of the following is most near to Elin&amp;#39;s monthly car payment?

Reference no: EM1387449

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