Suppose you want to purchase a car that costs $25,000, but you only have $20,000 in savings.

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Question:

Suppose you want to purchase a car that costs $25,000, but you only have $20,000 in savings. You decide to take out a car loan for the remaining amount at an annual interest rate of 5% for a term of 4 years. What will be your monthly payment? Show all calculations.