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E-Loan, an online lending service, recently offered 48-month auto loans at 5.4 % compounded monthly to applicants with good credit ratings. If you have a

E-Loan, an online lending service, recently offered 48-month auto loans at 5.4 % compounded monthly to applicants with good credit ratings. If you have a good credit rating and can afford monthly payments of $ 487, how much can you borrow from E-Loan? What is the total interest you will pay for this loan?

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