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To buy a brand-new car, 60 monthly payments of $325.00 will be needed to settle the...

To buy a brand-new car, 60 monthly payments of $325.00 will be needed to settle the car loan with a $4500 down payment. Determine the price of the car if the interest rate is 8.7% compounded monthly. ($20,266.70)

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Answer #1

* Car Price = Present value of Monthly payments + Down Payment = $20266.70

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