Burns Dawson
04/02/2024 · Senior High School
You want to buy a new car. You can afford payments of \( \$ 400 \) per month and can borrow the money at an interest rate of \( 3.1 \% \) compounded monthly for 5 years. How much are you able to borrow? How much interest do you pay? Substion Help: Video 1
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You can borrow approximately $22,776 and pay approximately $1,224 in interest.
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