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Fred purchased a new car. His monthly payments are $600 per month. He will be...

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Finance

Fred purchased a new car. His monthly payments are $600 per month. He will be paying on his car for 5 years, and the loan costs 6% per year compounded monthly. What was the original cost of the car?

a) $31,033.34

b) $31,035.34

c) $31,036.34

d) $31,031.34

e) $31,038.34

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