A new automobile you want to purchase costs $20,000. You plan to pay $

A new automobile you want to purchase costs $20,000. You plan to pay $5,000 cash andborrow $15,000 from the bank. If the bank charges 0.5 percent per month (6 percent per year)and the loan is to be repaid in equal monthly payments over five years, what will the monthly payments be? Assume monthly payments are at end of month.

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