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What is the amount of each monthly payment

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Question - On April 1, Joseph Han purchased a car with a cash price of $50,000. He paid 25% ($12,500) down and agreed to pay the remainder in monthly payments over ten years. The first payment on this $37,500 loan will be on May 1. The interest rate on the loan is 9% compounded monthly. What is the amount of each monthly payment?

Reference no: EM131562736

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