Find the payments required

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Problem 1: Brown has bought a new car and requires a loan of $12,000 to pay for it. Brown can repay the loan with 36 level payments with the first payment made 9 months after the car is purchased. Assuming a nominal annual interest rate of 12% compounded monthly and interest accrual from the time of car purchase, find the payments required?

Reference no: EM132782559

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