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Loan with an interest rate

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Sarah needs to figure out if she'll be able to "handle" the monthly car payments to buy the car she wants. The total cash price of the car is $25,000 and she can afford to make a down payment of $5,000. If she obtains financing to come up with the difference what will her monthly payments be assuming she gets a 5 year loan with an interest rate of 8% compounded monthly?

Reference no: EM131928358

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