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Suppose you would like to purchase a new mustang GT. The sticker price of the mustang you want is $60000. The dealer is able to give you an APR of 2% for 3 years. How much will your monthly payments be? How much will you have paid in interest once the loan is paid off?

Suppose you would like to purchase a new mustang GT. The sticker price of the mustang you want is $60000. The dealer is able to give you an APR of 2% for 3 years. How much will your monthly payments be? How much will you have paid in interest once the loan is paid off?

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Suppose you would like to purchase a new mustang GT. The sticker price of the mustang you want is $60000. The dealer is able to give you an APR of 2% for 3 years. How much will your monthly payments be? How much will you have paid in interest once the loan is paid off?
Transcribed Image Text:Suppose you would like to purchase a new mustang GT. The sticker price of the mustang you want is $60000. The dealer is able to give you an APR of 2% for 3 years. How much will your monthly payments be? How much will you have paid in interest once the loan is paid off?
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