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Esther pays $532 per month for 4 years for a car. She made a down...

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Accounting

Esther pays $532 per month for 4 years for a car. She made a down payment of $2,500. If the loan costs 7.1% per year compounded monthly, what was the cash price of the car?

a) $22,173.44

b) $24,673.44

c) $31,931.29

d) $26,931.29

e) $19,673.44

f) None of the above.

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