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You are looking to buy your first car. You have figured that that you can afford to make up to a $263 monthly payment to the bank for a car loan. You plan to pay off the car loan in 5 years and the bank is willing to give you a 5.2% interest rate, compounded monthly. What is the maximum amount you can borrow to purchase a car? (How expensive of a car can you afford) Round to the dollar and do not include units in your answer You are looking to buy your first car. You have figured that that you can afford to make up to a $263 monthly payment to the bank for a car loan. You plan to pay off the car loan in 5 years and the bank is willing to give you a 5.2% interest rate, compounded monthly. What is the maximum amount you can borrow to purchase a car? (How expensive of a car can you afford) Round to the dollar and do not include units in your answer
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