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1. You decide to buy a new car. You negotiate with the dealer and get the car for $40,000. What will be your monthly payment

1. You decide to buy a new car. You negotiate with the dealer and get the car for $40,000. What will be your monthly payment if you finance the purchase through your bank with a 6-year, 11% auto loan (assume no down payment).

a. What if you made a down payment of $4,000? What would be the monthly payment for the car?

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