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A friend is selling you a used car. The purchase price is $20,000 and she is providing financing at a friendly 4% annual rate.

A friend is selling you a used car. The purchase price is $20,000 and she is providing financing at a friendly 4% annual rate. Because you are currently making tuition payments, she is not requiring the first monthly payment until 2 years from today. After the first payment, you will make 20 more monthly payments of the same amount. If you ave $5,000 to pay today as a down payment, what will your monthly payment be?



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