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XYZ Construction Inc. wants to purchase a new pick-up truck. The price for the new...

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Accounting

XYZ Construction Inc. wants to purchase a new pick-up truck. The price for the new truck is $43,040. The dealer allows XYZ to trade-in the old truck for $7,162. XYZ can payback the remaining balance through a 4-year payment plan. Given the agreed interest rate is 3%:

How much is the monthly payment?

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