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How much can borrow for shady bank

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Problem 1: Shady Bank is willing to lend you a lump sum of up to $50,000 to buy a car, for a period of one year at an annually-compounded interest rate of 16%. If you expect to be able to pay back $38,000 in one year's time, how much can you borrow?

Reference no: EM132696617

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