You have decided to buy your dream car that costs $40,000. You can afford $600 monthly payments

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You have decided to buy your dream car that costs $40,000. You can afford $600 monthly payments at the loan rate of 9% over the 5 years of the loan.

If your savings earn 4% interest annually, how long will it take you to save for the down payment you will need to purchase the car, using your available $600 a month?

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Contemporary Engineering Economics

ISBN: 978-0136118480

5th edition

Authors: Chan S. Park

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Question Posted: May 23, 2013 04:20 AM

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You have decided to buy your dream car that costs $40,000. You can afford $600 monthly payments

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Computation of no of months Required to Accumulate Monthly Payments for loa...View the full answer

Contemporary Engineering Economics

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