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Down payment plus equal monthly payments

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A car is financed as follows: $2,000 as down payment plus equal monthly payments at 8% annual interest rate compounded monthly for 3 years. Original price of the car was $12,500. It is expected that maintenance costs are going to be $700 in the first year increasing by $350 every year thereafter. Define the annual worth of this investment.

(Round your answer to 2 decimal points and don't use the $ sign in your answer)

Reference no: EM13804969

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