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A car is financed as follows: $2,000 as down-payment plus equal monthly payments at 8% annual interest rate compounded monthly for 3 years. Original price

A car is financed as follows: $2,000 as down-payment plus equal monthly payments at 8% annual interest rate compounded monthly for 3 years. Original price of the car was $12,000. It is expected that maintenance costs are going to be $700 in the first year increasing by $400 every year thereafter. 


Define the annual worth of this investment?

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