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Interest rate on the loan

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You are taking out a car loan and will make payments of $491 each month (beginning one month from today), for a total of 60 monthly payments. If the interest rate on the loan is 1.2% (the effective monthly rate on this loan), how much are you borrowing to buy the car?

Do not round any intermediate work. Round your final answer to 2 decimal places

Reference no: EM131873831

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