Question: Please solve WITHOUT USING EXCEL. Show all work please. Thank you! You take out a loan for $16,000 to buy a car that has equal

Please solve WITHOUT USING EXCEL. Show all work please. Thank you!

You take out a loan for $16,000 to buy a car that has equal nominal monthly payments over the next seven years. The real annual rate of return on the loan is 3%, and the inflation rate is 1%. What will the monthly payments be

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