FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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A student has a job that leaves her with $300 per month in disposable income. She decides that she will use the money to buy a car. Before looking for a car, she arranges a 100% loan whose terms are $300 per month for 48 months at 9% nominal annual interest. What is the maximum car purchase price that she can afford with her loan?

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