How much can they afford to borrow

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Reference no: EM131452229

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)

Reference no: EM131452229

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