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You are borrowing money to buy a boat. If you can make payments of $400 per month starting one month from now at an interest

You are borrowing money to buy a boat. If you can make payments of $400 per month starting one month from now at an interest rate of 5% per annum, how much will you be able to borrow for the boat today if you finance the amount over five years? Select one: a. $15,587.88 b. $1,731.79 c. $7.571.72 d. $21,196.28

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