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What is the most expensive car that dan can afford

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Question: AUTO FINANCING Dan is contemplating trading in his car for a new one. He can afford a monthly payment of at most $400. If the prevailing interest rate is 7.2%/year compounded monthly for a 48-mo loan, what is the most expensive car that Dan can afford, assuming that he will receive $8000 for the trade-in?

Reference no: EM131556711

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