Question: You plan to buy a car that has a total drive-out cost of $24,800. You will make a down payment of $1,240. The remainder of

You plan to buy a car that has a total "drive-out" cost of $24,800. You will make a down payment of $1,240. The remainder of the car's cost will be financed over a period of 6 years. You will repay the loan by making equal monthly payments. Your quoted annual interest rate is 13% with monthly compounding of interest. (The first payment will be due one month after the purchase date.) What will your monthly payment be?

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