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You are looking to buy your first car. You have figured that that you can afford to make up to a $240 monthly payment to
You are looking to buy your first car. You have figured that that you can afford to make up to a $240 monthly payment to the bank for a car loan. You plan to pay off the car loan in 5 years and the bank is willing to give you a 5.2% interest rate, compounded monthly. What is the maximum amount you can borrow to purchase a car? (How expensive of a car can you afford) Round to the dollar and do not include units in your
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