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Use a calculator for this exercise. Luis Mahla purchases a Porsche Boxster for $42,400 and finances...

Use a calculator for this exercise.

Luis Mahla purchases a Porsche Boxster for $42,400 and finances the entire amount at an annual interest rate of 6.2% for 7 years. Find the monthly payment. Assume the sales tax is 6% of the purchase price and the license fee is 1% of the purchase price. (Round your answer to the nearest cent.)
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