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You are looking to buy a Toyota car. You can afford a monthly payment of $500 for four years. The payment will occur at the

You are looking to buy a Toyota car. You can afford a monthly payment of $500 for four years. The payment will occur at the end of each month. In addition to the loan, you make a $1,000 down payment now. If the interest rate on an auto loan is 6% APR compounded monthly, how much car can you afford?

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