How much can you afford to borrow today if the interest rate

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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)?

Reference no: EM131056227

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