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The cash price of an automobile is $10,000. The buyer is willing to finance the purchase at 18% convertible monthly and to make payments

The cash price of an automobile is $10,000. The buyer is willing to finance the purchase at 18% convertible

The cash price of an automobile is $10,000. The buyer is willing to finance the purchase at 18% convertible monthly and to make payments of $250 at the end of each month for four years. Find the down payment that will be necessary.

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