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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 $315,000.00 and
assume that you wish to trade in your old car and buy a new car. the new car has a list price of $315,000.00 and you have been offered a 6 year (72-month) car loan at a nominal annual interest rate of 3.84% (monthly compounding). Also assume that you want your monthly payments to be no more than $310 per 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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