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Phil can afford $160 a month for 4 years for a car loan. If the interest rate is 4.8 percent compounded monthly, how much can

Phil can afford $160 a month for 4 years for a car loan. If the interest rate is 4.8 percent compounded monthly, how much can he afford to borrow to purchase a car?

A.

$7,680.00
B.

$6,975.08
C.

$6,340.78
D.

$6,758.40

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