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James wants to take out a loan. He can afford to make monthly payments of 100 dollars and wants to pay the loan off after

James wants to take out a loan. He can afford to make monthly payments of 100 dollars and wants to pay the loan off after exactly 30 years.

What is the maximum amount that James can afford to borrow if the bank charges interest at an annual rate of 10 percent, compounded monthly?

(Give your answer, in dollars, correct to the nearest dollar.)

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