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You have budgeted $450 per/month to purchase an automobile. You can obtain a 4-year new car loan for 12% (Annual Percentage Rate, APR). Assuming that

You have budgeted $450 per/month to purchase an automobile. You can obtain a 4-year new car loan for 12% (Annual Percentage Rate, APR). Assuming that you must finance the entire purchase price, what is the most that you can spend on the new car and stay within budget ?

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