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% compounded monthly for 3 years. How much are you able to borrow and how much interest do I pay?
Added by Lawrence H.
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There are 12 months in a year, so 3 years is 3 x 12 = 36 months. Show more…
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