Question: You see an ad for a used car that you would like to buy....
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Question: You see an ad for a used car that you would like to buy. The ad says that the dealer will give you a $1000 trade in on your old vehicle. The asking price for the car (before trade-in) is $9,000. They will offer you a 4% interest rate for a 3-year loan. What is the amount you need to finance? Use the PMT function to determine what your monthly payments will be. Copy the work, and then use the Goal Seek tool to determine what the asking price of the car, before trade-in, would have to be to make a monthly payment of $200. Show both scenarios in your worksheet
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