4. You are borrowing money to buy a car. If you can make payments of $320 per month starting one month from now at an

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4. You are borrowing money to buy a car. If you can make payments of $320 per month starting one month from now at an

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4. You are borrowing money to buy a car. If you can make payments of $320 per month starting

one month from now at an interest rate of 12%, how much will you be able to borrow for the car today if you finance the amount over 4 years? (2 marks)
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