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What is ted equity position

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Ted purchases a car costing $40,616. He makes a down payment of $4,000 and finances the rest of the cost with a 10-year loan. The loan interest rate is j12 = 3.6% and the monthly loan payments are $250 for the first five years, and $500 thereafter. What is Ted's equity position (that is, how much of the car does he "own") at the end of 7 years? (answer to nearest dollar)

Reference no: EM133110488

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