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Assume that you wish to trade in your old car and buy a new car. The new car has a list price of $26.983.54 and

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Assume that you wish to trade in your old car and buy a new car. The new car has a list price of $26.983.54 and you have been offered a 6-year (72-monthl) car loan at a nominal annual interest rate of 3.84 percent (monthly compounding). Also assume that you want your monthly payments to be no more than $400 a month and will walk away from the deal if they are higher. Given this information, determine the minimum trade in that the dealer must offer you on your old car in order to get you to buy the new car

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