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(Solved): A car manufacturer is offering the choice of a 0.2% loan compounded monthly for 60 months or $1400 ...



A car manufacturer is offering the choice of a \( 0.2 \% \) loan compounded monthly for 60 months or \( \$ 1400 \) cash back

A car manufacturer is offering the choice of a loan compounded monthly for 60 months or cash back on the purchase of a new car. Complete parts (a) through (c) below. (a) If a car buyer takes the loan offer, how much will the monthly payment be? The car buyer's monthly payment will be . (Do not round until the final answer. Then round to the nearest cent as needed.)


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Solution : Monthly payment can be
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