The figure below is a contour diagram of the monthly payment on a 5-year car...
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The figure below is a contour diagram of the monthly payment on a year car loan as a function of the interest rate and the amount borrowed for a used car. What is the interest rate if the monthly payment is $ when you borrow $ Give your answer to the nearest percent. b Suppose you borrow $ at an interest rate of How much more money could you borrow if the interest rate was only instead?
The figure below is a contour diagram of the monthly payment on a year car loan as a function of the interest rate and the amount borrowed for a used car.
What is the interest rate if the monthly payment is $ when you borrow $
Give your answer to the nearest percent.
b Suppose you borrow $ at an interest rate of How much more money could you borrow if the interest rate was only instead?
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