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Mike decides he needs a new truck and has budgeted $500 for monthly payments. His new truck is $53,000 and he has a loan approved

Mike decides he needs a new truck and has budgeted $500 for monthly payments. His new truck is $53,000 and he has a loan approved for 6 years at an annual interest rate of 2.9%.

What minimum down payment must Mike make to keep his monthly payment at or below $500?

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