Recent engineering graduate intends to purchase new car

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A recent engineering graduate intends to purchase a new car. He plans to pay $2000 down and to finance the balance over a 4 year period. The maximum amount that he can repay each month is $200. What is the most expensive car that he can afford, assuming an interest rate of 12% per year, compounded monthly, continuous compounding.

Reference no: EM13994720

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