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jrm1025
Sep 18, 2007, 06:55 PM
James wants to take out a loan. Suppose he can afford to make monthly payments of 100 dollars and the bank charges interest at an annual rate of 10 percent, compounded monthly.

What is the maximum amount that James could afford to borrow if the loan is to be paid off eventually?

Lowtax4eva
Sep 18, 2007, 09:08 PM
Why not show us how far you have been able to solve this on your own and I'm sure someone will point you in the right direction.