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You decide that the scenario above will not work for you because you can only afford monthly payments of $350 per month. However, you are
You decide that the scenario above will not work for you because you can only afford monthly payments of $350 per month. However, you are willing to pay an immediate down payment of $1000. Your credit union will lend you $20,000 to purchase the Miata, also quoting an 8.00% APR with monthly interest payments. How many months of $350 payments would you need to make to repay the loan?
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