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This time you have decided to spurn the advice of your

This time you have decided to spurn the advice of your wealthy uncle and are going to take out a car loan to purchase a new car.

You are willing to pay up to $350 per month for a car payment. The terms of the loan call for monthly payments for five years at a rate of 6% APR (i.e., 6% compounded monthly). How much are you borrowing if you end up with the maximum monthly payment of $350 per month?

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Financial Management: This time you have decided to spurn the advice of your

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