you are thinking about trading in your car with a trade in value of800
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Question
You are thinking about trading in your car with a trade-in value of$8,000. The car you want to buy costs $39,000. You will require financing for the difference in the
new car price and your trade in amount. If you have been offered 8-year financing with an 8.9% APR compounded monthly, what will be your monthly car payment?