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4. a. If you have budgeted $300 a month for a payment on new furniture, how much can you spend on furniture today, assuming the

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4. a. If you have budgeted $300 a month for a payment on new furniture, how much can you spend on furniture today, assuming the terms of the loan are 3 years and 12% annual interest rate, compounded monthly? PV FV- PMT Equation: Answer: b. How much is paid to interest over the life of the loan? Answer:_

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