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4.27 Frank is trying to determine whether or not he can afford to borrow $10000 for 2 years. The bank harges 1% per month on

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4.27 Frank is trying to determine whether or not he can afford to borrow $10000 for 2 years. The bank harges 1% per month on the unpaid balance. Frank wants to repay the loan in 24 equal monthly installments, but feels he cannot pay more than $450 per month. Can he afford the loan? Ans. No (he would have to repay $470.70 per month)

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