What is the present value of the contract if the stated annual interest rate, compounded monthly, is 12 percent?

What is the present value of the contract if the stated annual interest rate, compounded monthly, is 12 percent? Sarah Buchwalter bought a $15,000 Honda Civic with 20 percent down and financed the rest with a four-year loan at an eight percent stated annual interest rate, compounded monthly. What is her monthly payment if she makes the first payment one month after the purchase?

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