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a)Maria wants to buy a car. She has saved $2,500 for a down payment, and she can afford payments of $250 per month for 5
a)Maria wants to buy a car. She has saved $2,500 for a down payment, and she can afford payments of $250 per month for 5 years. Her credit union has offered her an auto loan that charges 4.8% per year compounded monthly for 5 years. What is the largest loan she can afford? What is the most expensive car she can afford?
b) Find the interest rate needed for an investment of $5100 to triple in 6 years if interest is compounded continuously
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