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You want to take out a loan for a car for the next 3 years. You can afford a monthly payment of $200. The dealership

You want to take out a loan for a car for the next 3 years. You can afford a monthly payment of $200. The dealership is offering an interest rate of 9.48% APR compounded monthly. If you make your first payment today, then how much can you afford to borrow to purchase your car? Group of answer choices

$6,245.39

$2,221.09

$549.54

$595.31

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