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7) Suppose you wish to purchase a vehicle by taking out an auto loan, and your budget will allow $400 per month as a payment.

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7) Suppose you wish to purchase a vehicle by taking out an auto loan, and your budget will allow $400 per month as a payment. If this particular auto loan requires a down payment of $1000, has an interest rate of 15%, and a term of 6 years: a) How expensive of a vehicle can you afford? b) How much money do you end up paying back over the 6 years? c) How much of that is pure interest

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