interest compounded monthly
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Free InquirySuppose a man can afford monthly car payments of $380 per month, and his bank is offering a five-year loan at 9.5% interest compounded monthly. How much can he afford
to borrow?
a) $15,457.63
b) $29,040.45
c) $18,093.63
d) $14,205.52
e) none of these
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