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Problem#03: A bank recently offered 42-month auto loans at 6.60% interest rate compounded monthly to the applicants with good credit ratings. If you have a

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Problem#03: A bank recently offered 42-month auto loans at 6.60% interest rate compounded monthly to the applicants with good credit ratings. If you have a good credit rating and can afford monthly payments of $225, how much can you borrow from the bank? What is the total interest that you will pay for this loan? [4)

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