Question

Suppose you negotiate a selling price of $29,995 style=”color:rgb(0,0,0);”> for a Ford Explorer. You make a down payment of 10% of the selling price and finance the remaining balance for 3 years at an annual interest rate of 7.5%. The sales tax is 7.5% of the selling price, and the license fee is 0.7% of the selling price. Find the monthly payment. (Round your answer to the nearest cent.)$

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