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Fred wants to take out a loan. Suppose he can afford to make monthly payments of 300 dollars and the bank charges interest at an

Fred wants to take out a loan. Suppose he can afford to make monthly payments of 300 dollars and the bank charges interest at an annual rate of 5 percent, compounded monthly. What is the maximum amount that Fred could afford to borrow if the loan is to be paid off eventually? (Give your answer, in dollars, correct to the nearest dollar.) amount he can borrow

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