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You have saved $3,000 for a down payment on a new car. The largest monthly payment you can afford is $300. The loan will have

You have saved $3,000 for a down payment on a new car. The largest monthly payment you can afford is $300. The loan will have an 8% APR based on end-of-month payments.

What is the most expensive car you can afford if you finance it for 48 months?

What is the most expensive car you can afford if you finance it for 60 months?

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