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Posted on Jul 28, 2024

You want to buy a new car. You can afford payments of $ 5 0 0 per month and can borrow the money at an

You want to buy a new car. You can afford payments of $

500

per month and can borrow the money at an interest rate of

6.7 %

compounded monthly for

5

years.

How much are you able to borrow?

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