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Suppose I am vehemently opposed to paying more than $ 2 , 0 0 0 in interest. To avoid this, I can put a larger
Suppose I am vehemently opposed to paying more than $ in interest. To avoid this, I can put a larger down payment on my car loan. Say I want to buy a used Rolls Royce for $ at APR compounded monthly for months. I am fine with any payment. What amount should I put down to not pay more than $ in interest to the nearest dollar
Hint: Use Solver in combination with a financial function to answer this.
Hint: Down payments are subtracted from the purchase amount ie purchase amount minus downpayment become present value and the present value minus the total paid over the loan is used to calculate the interest paid.
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