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eBok Problem 5-26 PV and loan eligibility You have saved $3,000 for a down payment on a new car. The largest monthly payment you can
eBokProblem 5-26
PV and loan eligibility
You have saved $3,000 for a down payment on a new car. The largest monthly payment you can afford is $400. The loan will have a 8% APR based on end-of-month payments.
- What is the most expensive car you can afford if you finance it for 48 months? Do not round intermediate calculations. Round your answer to the nearest cent.
$
- What is the most expensive car you can afford if you finance it for 60 months? Do not round intermediate calculations. Round your answer to the nearest cent.
$
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