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A young professional wishes to buy a car but can afford monthly payments of only $ 4 0 0 . Five - year loans are

A young professional wishes to buy a car but can afford monthly payments of only $

400 .

Five

-

year loans are available at

4 %

interest compounded monthly. If she can make a $

2, 000

down payment, what is the price of the most expensive car that she can afford to purchase?

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