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Take out an auto loan for the remainder

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You intend to purchase a new car upon graduation in two years. It will have a cost of RM29,371, including all extra features and sales tax. You just received a RM3,000 pre-graduation gift from your rich uncle that you intend to deposit in a money market account that pays 6% interest, compounded monthly. If you use the amount in the money market account for a down payment, and take out an auto loan for the remainder, how much will you need to borrow? (Round to the nearest dollar.)

Reference no: EM132829251

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