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Dave Krug finances a new automobile by paying $6,300 cash and agreeing to make 30 monthly payments of $460 each, the first payment to be
Dave Krug finances a new automobile by paying $6,300 cash and agreeing to make 30 monthly payments of $460 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? (PV of $1,FV of $1,PVA of $1, andFVA of $1)(Use appropriate factor(s) from the tables provided.Round PVA factor to 4 decimal places.)
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