Question: Sonia found a car dealership that does not require a down payment. She decided that she can pay $490.00 per month for 4 years. She

Sonia found a car dealership that does not require a down payment. She decided that she can pay $490.00 per month for 4 years. She will not accept a rate higher than 2%.

a. What is the maximum price car she can afford with an amortized loan?

b. If she goes with the maximum, how much will the car really cost?

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