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What is the most he can afford to pay for a new car today

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Reference no: EM132812984

Question - Todd can afford to pay $400 per month for the next 6 years in order to purchase a new car. The interest rate is 7 percent compounded monthly. What is the most he can afford to pay for a new car today?

A. $23,461.78

B. $23,198.64

C. $22,288.69

D. $35,664.38

E. $24,243.84

Reference no: EM132812984

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