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You are taking out a car loan and will make payments of $486 each month (beginning one month from today), for a total of 60

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You are taking out a car loan and will make payments of $486 each month (beginning one month from today), for a total of 60 monthly payments. If the interest rate on the loan is 1.39% (the effective monthly rate on this loan), how much are you borrowing to buy the car? [Hint: Loan problems are typically PV annuity problems, where the amount you are borrowing is the PV of the series of future payments.]

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