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Calculate the appropriate down payment

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The salesperson offers, "Buy this new car for $25,000 cash or, with appropriate down payment, pay $500 per month for 45 months at 5% per annum interest." Assuming that the salesperson does not offer a free lunch, calculate the "appropriate" down payment.

Please provide your answer to the nearest cent, without the unit of dollar sign (e.g., 1001.15).

Reference no: EM132657252

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