Question: Todd is able to pay $360 a month for 6 years to finance a car purchase. If the interest rate is 6.7% compounded monthly, how

Todd is able to pay $360 a month for 6 years to finance a car purchase. If the interest rate is 6.7% compounded monthly, how much can Todd afford to borrow to buy this new car? What is the effective annual rate of Todd's loan?

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