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You have just graduated and need money to buy a car. Maria, your rich aunt, will lend you the money if you pay her back
You have just graduated and need money to buy a car. Maria, your rich aunt, will lend you the money if you pay her back in 4 years. You offer to pay her the same 7% rate of interest that she would otherwise get by putting her money in a savings account. Based on your budget, you can pay her $5000 in one year, and then $8000 each year for the next three years. How much can you borrow from your aunt Maria? Enter your answer in the following format: 12345.67 Hint: Answer is between 22350.44 and 26480.41
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