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The answer is 12289.55. Please show the work required to get it Emily just graduated college at the age of 23 and needs to buy
The answer is 12289.55. Please show the work required to get it
Emily just graduated college at the age of 23 and needs to buy a car. She will be make a down payment on the car and then taking out a loan to cover the rest of the purchase price. Emily does not want a car payment of more than $300 per month. Down payment: Emily's grandparents purchased a $1,000 bond for her the day she was born. Interest has been accumulating on the bond at the rate of 3% each year. The bond and its accumulated interest will be used as the down payment on the car. Car loan: The interest rate on the car loan is 0.25% per month and equal monthly payments will be made over a period of three years to repay the loan ( 36 monthly payments). Given the size of the down payment, Emily's desired car payment, and the terms of the car loan, what is the most expensive car Emily afford (total car price) to buyStep by Step Solution
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