What must the modest down payment be

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Reference no: EM13298837

A car dealer is advertising that a Mercedes can be purchased for a monthly payment of only $399 financed over 6 years at 6% if the buyer makes a modest down payment. The car is selling for $40,000. What must the modest down payment be (approximately) in percentage terms in order for the advertisement to be correct?

Reference no: EM13298837

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