Question: You are considering financing a new car which cost $$ 51,300$ with an amortized loan. The nominal rate is $2.9 %$ per annum, the term

You are considering financing a new car which cost $\$ 51,300$ with an amortized loan. The nominal rate is $2.9 \%$ per annum, the term of the loan is 6 years, and you will make monthly payments. How much will each payment be?

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