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Suppose that you own a local auto dealership, Carmen and Rodrigos Sales (CARS). Your dealership will finance a new car purchase at an APR of
Suppose that you own a local auto dealership, Carmen and Rodrigos Sales (CARS). Your dealership will finance a new car purchase at an APR of 14%, compounded monthly. The terms of the financing are monthly payments of $310 for five years. The first payment is due one month after the buyer purchases the vehicle. How much of the purchase price would the buyer be financing with the loan from your dealership? Do not round at intermediate steps in your calculation. Round your answer to the nearest dollar. Do not type the $ symbol or a minus sign.
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