A bank teller negotiated a purchase price of $22,350 for a car. In addition to the purchase price, the teller had to pay sales tax that was 6.25% of the purchase price and a $452 license fee. If the teller makes a down payment of 10% of the total cost of the car and secures a 4-year loan at an annual interest rate of 4.9% compounded monthly, what is the monthly car payment?

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Production Budget

A budget can be defined as a financial plan designed by an undertaking for a definite period in the future that can contribute towards enhancing the financial success of the business undertaking. It is used to estimate the revenue and expenses. The budget generally takes into account both current and future income and expenses.