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You want to borrow some money from your parents to help with your university costs. You can only afford to repay them $250 per month over the next 4 years starting exactly thirteen months from today. How much can you afford to borrow today if the interest rate your parents propose is 4% per annum compounded monthly (rounded to the nearest dollar)?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M91780630

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