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What is the amount of the monthly payments

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Question: How much will each annual payment be (Using FV or PV))

A commercial bank will loan you $41,770 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 7.96 percent of the unpaid balance. What is the amount of the monthly payments?

Reference no: EM131372764

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