Mike and cindy are buying a new car but they are on a


Mike and Cindy are buying a new car, but they are on a budget. The think that they can afford to pay $494 per month for 5 years, based on an annual interest rate of 6.5 percent. How much can they afford to borrow, given this information? (Show your answer to the nearest dollar)

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Financial Management: Mike and cindy are buying a new car but they are on a
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