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E-Loan, an online lending sence, recently offered 60-month auto loans at 4.2% compounded monthly to applicants with good credit ratings. If you have a good

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E-Loan, an online lending sence, recently offered 60-month auto loans at 4.2% compounded monthly to applicants with good credit ratings. If you have a good credit rating and can afford monthly payments of $260, how much can you borrow from E-Loan? What is the total interest you will pay for this loan

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