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Please show your work to justify your answers. You want to buy a new car, but you can make an initial payment of only $

Please show your work to justify your answers.

You want to buy a new car, but you can make an initial payment of only $

5, 000

and can afford monthly payments of at most $

600 .

If the APR on auto loans is

5 %

and you finance the purchase over

5

years, what is the maximum price you can pay for the car?

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