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You are purchasing a new car and can afford a monthly payment of 354. The bank offers car loans for a term of 4 years

You are purchasing a new car and can afford a monthly payment of 354. The bank offers car loans for a term of 4 years with monthly payments at an APR of 5.6% compounded monthly. How much can you afford to borrow? (7 marks 1 mark for correct computation here, 6 marks for workings uploaded as part of Question 15)

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