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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?

    $12,983.45
    $17,138.64
    $9,093.27
    $23,883.43
    $32,394.57

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    https://brainmass.com/business/finance/finance-prob-429723

    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

    $2.19

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