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4. You are thinking about buying a new car. The salesperson indicates that the car could be yours for a down payment of $500 followed
4. You are thinking about buying a new car. The salesperson indicates that the car could be yours for a down payment of $500 followed by payments of $1000 six months from today, and $2000 twelve months from today. If the company charges 18% simple interest on its outstanding balances, what single equivalent payment should they accept for the car today? Use today as focal point. Answer $3112.35 (show work)
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