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Jones has been depositing $150 in a saving account every three months for the past 3 years. This account paid 4% convertible quarterly. Jones has just made the last deposit. Jones is buying a car for $8,000. He is taking out a car loan. He will use the AV of his savings account as the down payment on the car. The loan is at 8% interest convertible quarterly and has a term of 4 years. Find the size of Jones monthly car loan payment.

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Financial Management, Finance

Category:- Financial Management
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