What is the most expensive car that barbara can purchase

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Finding Present Value for the problem below

Barbara has saved $5,000 and intends to use her savings as a down payment on a new car. After careful examination of her income and expenses, Barbara has concluded that the most she can afford to spend each month on her car payment is $425. The car loan that Barbara uses to buy the car will have an APR of 10%. What is the most expensive car that Barbara can purchase if she finances the new car for 48 months? Note: Monthly car payments will be made.

Reference no: EM13697594

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