A recent engineering graduate intends to purchase a new car, Financial Management

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A recent engineering graduate intends to purchase a new car

Question

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?

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Financial Management: A recent engineering graduate intends to purchase a new car

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Financial Management: A recent engineering graduate intends to purchase a new car

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