document.write( "Question 1200938: Dan is contemplating trading in his car for a new one. He can afford a monthly payment of at most $300. If the prevailing interest rate is 4.4%/year compounded monthly for a 48-month loan, what is the most expensive car that Dan can afford, assuming that he will receive $7000 for his trade-in? (Round your answer to the nearest cent.) \n" ); document.write( "
Algebra.Com's Answer #836711 by Theo(13342)\"\" \"About 
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he can get a loan for as much as 13,181.89.
\n" ); document.write( "with 7,000 he received for selling his old car to the dealer, he can afford a car that costs as much as 20,181.89.\r
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\n" ); document.write( "\n" ); document.write( "the calculations to find the present value of the monthly payments at the end of each month for 48 months is shown below:\r
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\n" ); document.write( "\n" ); document.write( "calculator used is at https://arachnoid.com/finance/\r
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\n" ); document.write( "\n" ); document.write( "payments are made at the end of each month.
\n" ); document.write( "interest rate per month is equal to 4.4% / 12 = .36666...%
\n" ); document.write( "payments are negative becauwe it's money going out.
\n" ); document.write( "present value of payment is positive becuase it's money coming in.\r
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