How much will your monthly payments be

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Reference no: EM13156057

Suppose that you currently own a 3 year old car and are considering the purchase of a new car that has a purchase price of $24,000. You can buy it now and pay it off over 4 years or you can save for 4 years and pay cash. Your current car has a trade-in value of $12,600. A new car can be financed at a nominal interest rate of 4% compounded monthly. How much will your monthly payments be?

Reference no: EM13156057

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