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You would like to buy a boat and know you can afford boat payments of $225 a month for 5 years. The interest rate is

You would like to buy a boat and know you can afford boat payments of $225 a month for 5 years. The interest rate is 7.65 percent, compounded monthly. The payments are made at the end of each month. How much money can you afford to borrow? (SHOW CALCULATIONS)

A. $11,188.85

B. $12,407.02

C. $9,067 .04

D. $10,508.80

E. $3,011.44

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