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You have saved $4,000 for a down payment on a new car. The largest monthly payment you

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You have saved $4,000 for a down payment on a new car. The largest monthly payment you can afford is $350. The loan will have a 12% APR based on end-of-month payments. What is the most expensive car you can afford if you finance it for 48 months? for 60 months?

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Using the information given in the problem you can solve for the maximum car price attainable F...View the full answer


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