Question: Chapter 5 Financial Planning Exercise 1 Planning a new car purchase Olive Ward has just graduated from college and needs to buy a car to

Chapter 5
Financial Planning Exercise 1
Planning a new car purchase
Olive Ward has just graduated from college and needs to buy a car to commute to work. She estimates that she can afford to pay about $700 per month for a loan or lease
and has about $2,000 in savings to use for a down payment.
Assuming a 4-year loan at 6 percent with a $700 per month payment plus the down payment of $2,000, determine the price of a car Alexis can purchase. Round your
answer to the nearest dollar.
$
Chapter 5 Financial Planning Exercise 1 Planning a new car purchase

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