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A new car loan has monthly payments of $482.75. How much money will be paid on the car loan after 3 years?

User Arcanyx
by
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1 Answer

5 votes

Answer: 17,379 dollars

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Work Shown:

1 year = 12 months

3*(1 year) = 3*(12 months) ..... multiply both sides by 3

3 years = 36 months

You'll make 36 payments, each being $482.75, which means the total amount of money paid is 36*482.75 = 17,379 dollars

User Jee Seok Yoon
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5.7k points