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What is the monthly payment on this car loan

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Question - Mavis Blackson is looking to purchase a Ferrari F60 America which has a total cost of $535,000. Mavis plans to deposit $120,000 and will pay the rest by taking on a 7.75 percent per annum 10-year bank loan. What is the monthly payment on this car loan? Assume interest compounds monthly.

Reference no: EM132990021

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