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You wish to purchase a car and can borrow at a 4% interest rate, compounded monthly. You can afford a car payment of $550 each

You wish to purchase a car and can borrow at a 4% interest rate, compounded monthly. You can afford a car payment of $550 each month for the next five years. How much can you borrow? $29,864.49 $12,144.56 $29,382.03 $36,464.44

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