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Nancy is the proud owner of a new car. She paid $1,500 up front and took out a loan for the rest of the amount. The interest rate on the loan is 5%. If the total cost of buying the car (including the interest Nancy owes) is more than $16,213.02, how much money did Nancy borrow?

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  1. 1 June, 15:43
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    Step-by-step explanation:

    In order to buy the new car, Nancy

    paid $1,500 up front and took out a loan for the rest of the amount.

    Let x = The amount of loan that she took.

    The interest rate on the loan is 5%.

    This means that she paid interest of 5/100 * x = 0.05 * x

    = 0.05x

    If the total cost of buying the car (including the interest Nancy owes) is more than $16,213.02,

    It means that

    1,500 + x + 0.05x is greater than 16,213.02

    1500 + 1.05x = 16213.02

    1.05x = 16,213.02 - 1500

    1.05x = 114713.02

    x = 114713.02/1.05

    x = $109250.49524

    The amount that Nancy borrowed is greater than $109250.49524
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