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Ginny, who lives in Houston, is trying to decide between the following car models: She's currently accumulated a down payment of $5,000 and she has
Ginny, who lives in Houston, is trying to decide between the following car models: She's currently accumulated a down payment of $5,000 and she has determined that she can afford maximum payments of $375 per month. Her initial research on the current cost of auto loans has found that her lowest cost loan would be made by a bank and would require an interest rate of 6% for five years. Given this information, the maximum amount that Ginny can afford to pay for her new car is, and the most expensive car that she can afford to purchase, without stretching her budget, is: The Chevy Sonic The Toyota Camry The Dodge 1500 Pickup The Ford Escape Hybrid
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