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Suppose I am vehemently opposed to paying more than $50,000 in interest over the life of a car loan. To avoid this, I can put
Suppose I am vehemently opposed to paying more than $50,000 in interest over the life of a car loan. To avoid this, I can put a larger down payment on my car loan. Say I want to buy a 2009 Lamborghini Murcielago LP640 Roadster, which costs $389,900. I am approved for a five-year loan at 8.73% APR (compounded monthly). I am fine with any monthly payment, as long as I do not have to spend over $50,000 in total interest payments over the life of the loan. What amount should I put as my down payment? Round to the nearest dollar
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