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You are planning to buy a new car. The retail price of the car is $20,000. Fox Auto is making you the following offer: You

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You are planning to buy a new car. The retail price of the car is $20,000. Fox Auto is making you the following offer: You pay $2,000 down and then $600 month for next 30 months. The APR is 12 percent (compounded monthly). This offer is equivalent to $ off the retail price (when paid in cash today)

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