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?
$12,983.45
$17,138.64
$9,093.27
$23,883.43
$32,394.57
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Solution Summary
Finance prob
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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 ...
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