Question: Two years ago, you took out a $ 4 8 , 0 0 0 car loan to purchase a new vehicle. The loan was for

Two years ago, you took out a $

48, 000

car loan to purchase a new vehicle. The loan was for

5

years with a stated interest rate of

6.6 %

APR

(

monthly compounding

)

and required monthly payments.What is the monthly payment associated with this car loan assuming the first payment was due one month after loan origination?

(2

Points

)

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