You want to buy a car worth $35,000, but you only have $20,000 available at the moment.
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Question:
You want to buy a car worth $35,000, but you only have $20,000 available at the moment. You plan to pay the rest through a bank loan. The bank offers a 5-year loan with an interest rate of 4.5% per annum. What will be your monthly payment, and how much interest will you pay over the loan's life?
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