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Phil wants to buy a car today. He decides he can afford $160 a month for 48 months, but he won't make the first payment

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Phil wants to buy a car today. He decides he can afford $160 a month for 48 months, but he won't make the first payment until one year from today. If the bank's annual interest rate is 70 percent with monthly compounding, how much can he borrow today to purchase a car? Multiple Choice $6,268 $6.758 $6,682 $7.680 $5,809

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