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solina solina
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Posts: 1273
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7 years ago
You intend to purchase a new car upon graduation in two years. It will have a cost of $29,371, including all extra features and sales tax. You just received a $3,000 pre-graduation gift from your rich uncle that you intend to deposit in a money market account that pays 6% interest, compounded monthly.  If you use the amount in the money market account for a down payment, and take out an auto loan for the remainder, how much will you need to borrow? (Round to the nearest dollar.)
A) $29,371
B) $25,880
C) $26,371
D) $26,000
Textbook 
Financial Management: Principles and Applications

Financial Management: Principles and Applications


Edition: 13th
Authors:
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Heavy Heart Thank you bio-forums! Heavy Heart
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LutionalLutional
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7 years ago
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solina Author
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7 years ago
I appreciate what you did here, answered it right Smiling Face with Open Mouth
karamsidhu1
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Yesterday
Good timing, thanks!
kobbhy
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2 hours ago
Brilliant ツ
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