at minimum down payment must Asher make to keep his monthly payment at or below $500? und your answer to the nearest dollar. de oo

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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Asher wants to buy a car that costs $29,660. He qualifies for a 4-year loan at a 2.8% annual interest rate, and he can afford a $500 monthly payment.
What minimum down payment must Asher make to keep his monthly payment at or below $500?
Round your answer to the nearest dollar.
$6,980
$20,325
$22,680
$9,336
Transcribed Image Text:Asher wants to buy a car that costs $29,660. He qualifies for a 4-year loan at a 2.8% annual interest rate, and he can afford a $500 monthly payment. What minimum down payment must Asher make to keep his monthly payment at or below $500? Round your answer to the nearest dollar. $6,980 $20,325 $22,680 $9,336
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