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25 May, 05:30

Esther pays $467 per month for 5 years for a car. she made a down payment of $3,700. if the loan costs 7.1% per year compounded monthly, what was the cash price of the car?

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  1. 25 May, 09:05
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    The present value of the string of payments added to the down payment is $27,228.33. This is the cash price of the car.
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