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Calculus. Calculus questions and answers. Wanda wants to take out a loan. She can afford to make monthly payments of 200 dollars and wants to pay the loan off after exactly 20 years. What is the maximum amount that Wanda can afford to borrow if the bank charges interest at an annual rate of 6 percent, compounded monthly?

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James wants to take out a loan. Suppose he can afford to make monthly payments of 200 dollars and the bank charges interest at an annual rate of 5 percent, compounded monthly. What is the maximum amount that James could afford to borrow if the loan is to be paid off eventually? (Give your answer, in dollars, correct to the nearest dollar.)

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