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I just took a job in Miami and I need to borrow money for moving...

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Finance

I just took a job in Miami and I need to borrow money for moving expenses and a deposit on my first apartment in Brickell. My dad says that I can borrow some money from him if I pay him back in 8 equal annual payments at an interest rate of 5.5% APR, compounded annually. If I can afford to pay back $1,200 per year, how much money can I afford to borrow? (Round to nearest dollar)

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