Michael wants to purchase a Jeep. The purchase price of the Jeep is $37,000. The...
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Michael wants to purchase a Jeep. The purchase price of the Jeep is $37,000. The dealership will allow him to pay cash or finance the Jeep with a down payment of $5,000 and 60 monthly payments of $625. Michael chose to finance the jeep. Answer the following questions. a) What is the amount financed? b) What is the total amount of monthly payments? c) What is the amount of the finance charge?
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