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Posted on Jul 29, 2024

Dave Krug finances a new automobile by paying $ 6 , 3 0 0 cash and agreeing to make 4 0 monthly payments of $

Dave Krug finances a new automobile by paying $

6, 300

cash and agreeing to make

40

monthly payments of $

430

each, the first payment to be made one month after the purchase. The loan bears interest at an annual rate of

12 % .

What is the cost of the automobile?

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