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4. You want to buy a new car in 3 years which will cost $42,000. You plan to get a 5- year car loan at
4. You want to buy a new car in 3 years which will cost $42,000. You plan to get a 5- year car loan at a 6% interest rate but don't want your monthly payments to be over $300. You plan to save the rest needed by making monthly deposits into the bank, earning 5% on your money. How much do you need to save monthly over the next 3 years to reach your goal
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