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Mary wants to take out a loan. She can afford to make monthly payments of 3 0 0 dollars and wants to pay the loan
Mary wants to take out a loan. She can afford to make monthly payments of dollars and wants to pay the loan off after exactly years. What is the maximum amount that Mary can afford to borrow if the bank charges interest at an annual rate of percent, compounded monthly? Give your answer, in dollars, correct to the nearest dollar. Need a hint on how to approach this question? amount she can borrow:
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