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Dan is contemplating trading in his car for a new one. He can afford a monthly payment of at most $300. If the prevailing interest

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Dan is contemplating trading in his car for a new one. He can afford a monthly payment of at most $300. If the prevailing interest rate is 3.7% /year compounded monthly for a 48 -month loan, what is the most expensive car that Dan can afford, assuming that he will receive $7000 for his trade-in? (Round your answer to the nearest cent.)

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