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You want to buy a used Dodge Dart in 2 years when you graduate. The price of the car now is $5000, but you have
You want to buy a used Dodge Dart in 2 years when you graduate. The price of the car now is $5000, but you have read that the price will drop by 5% per year during the next 2 years. If you will be able to get a 4 year loan at 14% annual interest with monthly payments, how much will the monthly payments be when you purchase the car 2 years from now?
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