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You want to buy a new car. You can afford payments of $ 2 2 5 per month and can borrow the money at an

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

225

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

4.8 %

compounded monthly for

5

years.

How much are you able to borrow?

How much interest do you pay?

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