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You are buying your first car and are paying 20% as a down payment. You...

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Finance

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You are buying your first car and are paying 20% as a down payment. You have arranged to finance the remaining amount with a 5-year loan with a 3% nominal interest rate and equal monthly payments of $ 287.50. What is the price of the car? $16,000 $20,000 $20,320 $20,150

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