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You are thinking about buying a pickup. You have $5,000 available for a down payment. A cash flow projection indicates you can spend $4,000 per

You are thinking about buying a pickup. You have $5,000 available for a down payment. A cash flow projection indicates you can spend $4,000 per year on principal and interest payments on a new pickup. Assuming a pickup loan will have a 7% interest rate and must be paid in five equal annual installments, how much can you pay for the pickup?

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