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You can afford car payments of $265 a month for three years. The interest rate is 7.5 percent, compounded monthly. How much can you afford

  1. You can afford car payments of $265 a month for three years. The interest rate is 7.5 percent, compounded

monthly. How much can you afford to borrow to buy a car?

a. $8,269.67 b. $8,271.83 c. $8,519.20 d. $8,572.44

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