Mitchell has $17000 to put towards a car. He wants to invest this money in an account paying 3.3%/a
compounded monthly and use it to pay for his monthly car payments for 5 years. He is choosing between a Ford
Focus which will cost him $299 a month (no money down) and a Volkswagen Golf that will cost him $389 a month
(no money down). Which monthly payment can Mitchell afford?
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Home » Mathematics » Mitchell has $17000 to put towards a car. He wants to invest this money in an account paying 3.3%/a compounded monthly and use it to pay for his monthly car payments for 5 years.