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You are shopping for a car. You can afford a $ 950 per month car payment. You are offered a loan at 5 % interest
You are shopping for a car. You can afford a $ 950 per month car payment. You are offered a loan at 5 % interest compounded monthly for 4 years. Answer the questions. Round answers to 2 decimal places. a) How expensive of a car can you afford? price: $ b) If you buy the most expensive card you can afford, what is the total amount of money you will pay for the loan? total payments: $ c) How much will you pay in interest? total interest: $
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