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Economics

You want to buy a new car and have $5,000 available for a down payment. You can afford a monthly car payment of $400. The maximum length of loan you want to take is 5 years. Your credit rating is not so good and the best car loan you can get is for a nominal rate of 6% per year, with monthly compounding. The dealer is advertising a non-negotiable all-inclusive deal of $28,000 on the car you have had your eyes on for the last several months. Can you afford to buy this car under the stated terms?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91295170

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