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How much can you afford

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Reference no: EM132963121

Question - Suppose there is a car you are interested in but your budget for the next five years allows you to allocate a payment of $325 per month to a car payment (at the end of each month). Besides taking out a loan, you can put $2,500 as an initial down payment. If you can acquire an interest rate at 4% APR compounded monthly, how much can you afford?

Reference no: EM132963121

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