You are buying a new car and wondering how much you...
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Accounting
You are buying a new car and wondering how much you can finance for before you head to a car dealership. You have decided that you don't want to pay more than $300 a month, you want to pay off the loan in five years, and the maximum annual percentage interest rate (APR) you are willing to entertain is 1.99%. What is the largest loan amount you can afford? (Notice that there are other factors involved in a car purchase such as down payment and a suite of junk fees that the dealership charges to process your order. In reality, you would include those costs in the loan amount as well.)
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