Calculate the maximum amount you can afford to pay, Finance Basics

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Calculate the maximum amount you can afford to pay

Problem

Your current vehicle is no longer mechanically sound and you need to replace it. Your income will support a $350 monthly payment and you plan to ?nance the purchase for48 months. The dealer is offering an ' annual interest rate of 1.99 percent and you will make a $5,000 down payment at the time of purchase. Calculate the maximum amount you can afford to pay (negotiated price) for the vehicle.

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Finance Basics: Calculate the maximum amount you can afford to pay

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