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26-09-2019
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Fred wants to take out a loan. Suppose he can afford to make monthly payments of 200 dollars and the bank charges interest at an annual rate of 5 percent, compounded monthly. What is the maximum amount that Fred could afford to borrow if the loan is to be paid off eventually?

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kcyber242 kcyber242

26-09-2019

2520 he could borrow per year

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