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Chapter 5 question 12 You are looking to buy a car. You can afford $440 in monthly payments for four years. In addition to the

Chapter 5 question 12

You are looking to buy a car. You can afford $440 in monthly payments for four years. In addition to the loan, you can make a $1,100 down payment. If interest rates are 7.25 percent APR, what price of car can you afford? (Do not round intermediate calculations and round your final answer to 2 decimal places.)

Present value $

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