Question: You are borrowing $ 1 5 , 0 0 0 to buy a car. Your interest rate is quoted as an APR of 7 .

You are borrowing $15,000 to buy a car.
Your interest rate is quoted as an APR of 7.02%, based on monthly compounding.
The loan is for 8 years.
How much is each monthly loan payment?
To nearest $0.01

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