royalvogue4255 royalvogue4255

20-05-2023
Business

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Example 1:
seema plans to buy a used car. she can afford monthly car loan payments of $300. the car
dealer offers seema a loan at 6.9% per year compounded monthly, for 3 years. the first
payment will be made 1 month from the date she buys the car.
a) how much can seema afford to borrow?
b) how much interest will seema pay on the loan?

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