Question
You have just started a new job and need to buy a car to get you back and forth to your new job, so you
You have just started a new job and need to buy a car to get you back and forth to your new job, so you take advice from your friend Lenny and went to the local Ford dealership because Lenny knows the finance manger there and maybe if you mention Lennys name you can get a better deal. You have been working part time babysitting and have saved up $1,550 as a down payment. You have figured out with your new salary you will be able to afford $350 per month in payments for 5 years. Youre not particularly happy about buying a car now, when interest rates are so high, and the dealership offered you a 7.5 percent APR. And by the way, mentioning Lennys name didnt seem to impress the finance manager and now you have to figure out what price of car you can afford?
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