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Loan amount (P): $75,500
Annual Percentage Rate (APR): 7.9%
Loan term (n): 72 months
Monthly interest rate = APR / 12 = 7.9% / 12 = 0.0079
M = P * (r * (1+r)^n) / ((1+r)^n - 1)
M = 75500 * (0.0079 * (1+0.0079)^72) / ((1+0.0079)^72 - 1)
$1,217.17
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