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(Steps Shown) Monthly loan payments Tim Smith is shopping for a used car. He has found one priced at $4,500. The dealer has told Tim that if he can come

Question: Monthly loan payments Tim Smith is shopping for a used car. He has found one priced at $4,500. The dealer has told Tim that if he can come up with a down payment of $500, the dealer will finance the balance of the price at a \(12 \%\) annual rate over 2 years ( 24 months).

  1. Assuming that Tim accepts the dealer's offer, what will his monthly (end-of-month) payment amount be?
  2. Use a financial calculator or spreadsheet to help you figure out what Tim's monthly payment would be if the dealer were willing to finance the balance of the car price at a \(9 \%\) annual rate.

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Solution: The downloadable solution consists of 2 pages
Deliverable: Word Document


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