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Suppose you are buying a car. You know you can get financing at 4.5% APR and you wish to borrow for five years. You have

Suppose you are buying a car. You know you can get financing at 4.5% APR and you wish to borrow for five years. You have determined that you can spend 1.2% of your annual gross income on a monthly payment. (Do not round the payment you can afford.) How much can you afford to spend on a car?

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