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6. Taylor G can afford monthly payments of $425 to buy a new car. What price car could Taylor afford to buy with a 66-month

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6. Taylor G can afford monthly payments of $425 to buy a new car. What price car could Taylor afford to buy with a 66-month loan at an annual interest rate of 4.4%. Remember, in the finance formulas you have available to you, t = time in years. Express your answer to the nearest thousand dollars ($100). If necessary, round any intermediate decimal values in your calculations to at least 4- decimal places (5-decimal places is preferred). (10 points) Write the finance formula you will use for this problem. Write it in generic form as you see it on the formula sheet, without any numbers. (1 point) Use the formula to find what price car Taylor can afford. (9 points) Finance Formulas 1 = Prt FV = P(1+rt) A-P(1+rt) SPI+) P = HE FV FV = P(1+3) Pa HE At - 1 A A= d= nit (1+ -1 + d FV = mt - 1 F@ d = LTE - 1 W1- W= -RE 1-(1+) m[1-(1+) PE m = 1 - 13

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