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How much would you be able to borrow to finance your car

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Reference no: EM133048926

Question - You are deciding to buy a car to commute to work given the comparatively low interest of 6% per year. You estimate that for the next five years you will be able to allocate $200 monthly towards repayment of the vehicle and a final lump sum of $1000 at the end of five years. Based, on this estimate, how much would you be able to borrow to finance your car?

Reference no: EM133048926

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