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    Finance prob

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    Steven can afford car payments of $325 a month for 60 months. The bank will lend him this money at 5.2 percent interest. How much can Steven borrow today?


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    Solution Preview

    We use the annual formula to solve this question.

    The annuity formula states

    Present value = (C/r)[1 - (1+r)^(-n)], where C is the per ...

    Solution Summary

    Finance prob