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The salesperson offers, Buy this new car for $25,000 cash or, with appropriate down payment, pay $500 per month for 48 months at 8% interest.

The salesperson offers, Buy this new car for $25,000 cash or, with appropriate down payment, pay $500 per month for 48 months at 8% interest. Assuming that the salesperson does not offer a free lunch, calculate the appropriate down payment. Use excel formulas to find the solution.

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