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Helen wants to buy a car which costs $50,000. She has saved $10,000 already. The bank offers a loan for 80% of the price of
Helen wants to buy a car which costs $50,000. She has saved $10,000 already. The bank offers a loan for 80% of the price of the car at 8% for 5 years with equal monthly payments. If Helen can only save $500 per month to pay the installments on the loan, can she afford to buy the car?
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