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You look at your budget and decide that you can afford $210 per month for a car. Assume that the interest rate on a
You look at your budget and decide that you can afford $210 per month for a car. Assume that the interest rate on a car loan is 4%, and you want to repay the lo in 7 years. Identify the following for the car loan, where m is the periodic payment (in dollars), r is the annual interest rate as a decimal, n is the number of payments per year, and t is the time (in years). m = r = n = 210 0.04 t = 7 What is the maximum loan you can afford? (Round your answer to the nearest cent.) $ 15363.45
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