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Rounding in the calculation of monthly interest rates is discouraged. Such rounding can lead to answers different from those presented here. For long term loans,

Rounding in the calculation of monthly interest rates is discouraged. Such rounding can lead to answers different from those presented here. For long term loans, the differences may be pronounced. You can get a car loan with a term of three years at an APR of 4%. If you can afford a monthly payment of $650, how much can you borrow?

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