You are thinking about buying a new car, for which you have negotiated the price to $28,000.  You have $3,000 to put towards the down payment and plan to get a loan for the rest.  If you can get an annual interest rate of 5.8 percent APR (with monthly compounding) over a 4-year loan, what would be your monthly payment? Round it to two decimal place (cents), e.g., 234.56.

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Answer You are contributing 3000 towards the down payment Therefore the remai... View the full answer