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Suppose you negotiate a selling price of $26,995 for a Ford Explorer. You make a down payment of 10% of the selling price and finance the remaining balance for 5 years at an annual interest rate of 9.6%. The sales tax is 9.6% of the selling price, and the license fee is 0.8% of the selling price. Find the monthly payment. (Round your answer to the nearest cent.)

Reference no: EM132203881

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