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The salesperson offers, "Buy this new car for $25,000 cash or, with an appropriate down payment, pay $500 per month for 48 months at 8% interest, compounded monthly." Calculate the "appropriate" down payment.
Fundamental Resource
Basic inputs used in the production of goods and services, typically including labor, capital, land, and entrepreneurship.
Labor
The physical and mental effort used to produce goods and services.
Human Creations
Innovations, artworks, processes, and inventions that result from human imagination and intellect.
Capital
Resources made and used by people to produce and distribute goods and services, including buildings, machinery, and equipment.
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