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A man buys a car for $40,000. If the interest rate on the loan is 12%...

  1. A man buys a car for $40,000. If the interest rate on the loan is 12% compounded monthly and he wants to make monthly payments of $700 for 3 years, how much must he have for a down payment? The answer is $18924.75 but I need to see work.

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