Question
Mary wants to take out a loan. She can afford to make monthly payments of 200 dollars and wants to pay the loan off
Mary wants to take out a loan. She can afford to make monthly payments of 200 dollars and wants to pay the loan off after exactly 30 years. What is the maximum amount that Mary can afford to borrow if the bank charges interest at an annual rate of 5 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 borrows X Submit
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Get StartedRecommended Textbook for
Personal Finance
Authors: Thomas Garman, Raymond Forgue
12th edition
9781305176409, 1133595839, 1305176405, 978-1133595830
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