The manager of Bob's Yacht Sales has approved your application for credit. The maximum payment she approved
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Question:
The manager of Bob's Yacht Sales has approved your application for credit. The maximum payment she approved is $80 a month for 48 months. The APR is 12.5 percent. What is the maximum price of a boat you can afford to purchase using the credit offered by the store? Assume there is no sales tax and the first payment is due one month after you purchase the boat.
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