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I'd highly recommend taking Calculus BC. Continue studying the foreign language on your own time and you can pick it back up in college. Otherwise if you insist on taking AB, then I recommend you take some time at teh end of senior year to self study the BC component and take the Calc BC AP exam.
If you're very serious about science/mathematics (I assume you are as you are applying to MIT), it's in your best interest to aggressively move through the basic fundamentals (of which calculus is one of).
Of course they'll consider your application regardless of whether you sign up for BC. But I think, especially after talking to some of the science dept heads at my old HS which use to send 10-15 to MIT every year and last year sent much fewer, the emphasis seems to shifting back to demonstrated ability to work at a very high level in science and mathematics, and away from the "well-rounded" type stuff.
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