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A homeowner planning a kitchen remodeling can afford a $ 7 0 0 monthly payment. How much can the homeowner borrow for 2 years at

A homeowner planning a kitchen remodeling can afford a $

700

monthly payment. How much can the homeowner borrow for

2

years at

9 %,

compounded monthly, and still stay within the budget?

(

Round your answer to the nearest cent.

)

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