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Calculate which saves you more in total interest

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Calculate which saves you more in total interest on your vehicle loan: financing at one percentage point lower for the APR versus increasing the down payment by $1000. Use the following original assumptions: (vehicle sale price = $18,500, sale tax % = 4%, down payment = $1500, APR compounded monthly = 6%, years = 5).

Reference no: EM131407541

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