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Down payment on a car

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Desmond Miles has $1,500 that he will use as a down payment on a car. Assuming that he can afford a payment of $225 per month, how much can Desmond spend on a car (that is, what is the total cost of the car that Desmond can purchase) if the interest rate is 5.75% and if he will finance his purchase with a 5 year, monthly payment loan?

Reference no: EM132154716

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