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E-Loan, an online lendingservice, recently offered 48 -month auto loans at 4.8% compounded monthly to applicants with good credit ratings. If you have a good

E-Loan, an online lendingservice, recently offered 48-month auto loans at 4.8% compounded monthly to applicants with good credit ratings. If you have a good credit rating and can afford monthly payments of $453, how much can you borrow fromE-Loan? What is the total interest you will pay for thisloan?

You can borrow $____

. (Round to two decimalplaces.)

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