Question: Problem 5 (14 points) A recent graduate is purchasing a used automobile for $4,500. He wishes to limit h monthly payment to $100 for a

Problem 5 (14 points) A recent graduate is purchasing a used

Problem 5 (14 points) A recent graduate is purchasing a used automobile for $4,500. He wishes to limit h monthly payment to $100 for a period of two years. What down payment must he make to complete the purchase if the interest rate is 15%, compounded monthly on the loa n? Remember: Clearly show the cash flow diagram(s) and the necessary equivalent model(s). (3 pts)

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