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You are in the market to buy the 2020 Tesla Model Y; The Long-Range Models starting price is $49,990. You expect to trade in your
You are in the market to buy the 2020 Tesla Model Y; The Long-Range Models starting price is $49,990. You expect to trade in your old Toyota Camry for $5,000. Based on your Fico score you can get an interest rate of 4.5%. (a) Calculate your monthly payment if you want to pay off the Tesla in 5 years, and 6 years. (b) Calculate your monthly payment if you want to pay off the Tesla in 5 years, and 6 years given you also make an additional down payment of $5000 along with your trade-in Camry.
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