Determining the amount of loan payment, Accounting Basics

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Determining the amount of loan payment

Problem:

You are buying a previously owned car today at a price of $6,890. You are paying $ 500 down in cash and financing the balance for 36 nmonths at 7.9%.

Requirement:

Question: What is the amount of each loan payment?

Note: Please show the work not just the answer.

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Accounting Basics: Determining the amount of loan payment

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Accounting Basics: Determining the amount of loan payment

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