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PV AND LOAN ELIGIBILITY You have saved $5,000 for a down payment on a new car....

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Finance

PV AND LOAN ELIGIBILITY You have saved $5,000 for a down paymenton a new car. The largest monthly payment you can afford is $300.The loan will have a 12% APR based on end-of-month payments. Whatis the most expensive car you can afford if you finance it for 48months? Do not round intermediate calculations. Round your answerto the nearest cent. $ What is the most expensive car you canafford if you finance it for 60 months? Do not round intermediatecalculations. Round your answer to the nearest cent.

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