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Car Loan


Assume you can afford to use 9% of your monthly gross income towards your monthly car payment. The terms of the loan are 6.75% APR for 5 years.
 What is the highest price car you can afford based on the information above? Be sure to show and explain the Excel formula you used. Does this amount get a car that you like? What are some strategies that you could use to make sure the car that you purchase does not exceed your budget?
 What is the highest priced car the high school graduate can afford based on the same information? Be sure to show and explain the Excel formula you used.
 Use an absolute or relative change statement to compare the highest priced car of the high school graduate and yourself

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