Tyresa wants to buy a car but doesn't want to spend more than $350 a month for a maximum of four years. What is the maximum loan amount she can take out for a new car and a used car using the advertised rates?
Use the formula, A = where P [ (1+r) ^n-1]/r (1+r) ^2 is the monthly payment, r is the monthly rate, and n is the number of months. Show your steps. : -)
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