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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 $3,500 down and then $400 month for next 36 months (3 years). The APR is 6 percent (compounded monthly). This offer is equivalent to S off the retail price (when paid in cash today). A. $1,266 B. $2,069 C. $3,138 D. $3,352 E. $3,766

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