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You take out a $25,500 car loan at 8.4% APR. (a) What is the monthly or periodic interest rate? (b) Your monthly rate can be expressed as a ratio x: 100. What quantity does the x represent? (c) How much
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You take out a $25,500 car loan at 8.4% APR.

(a) What is the monthly or periodic interest rate?
(b) Your monthly rate can be expressed as a ratio x: 100. What quantity does the x represent?
(c) How much interest is charged in the first month?

User Barndog
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1 Answer

2 votes

Answer:

Payment Every Month $314.80

Total of 120 Payments $37,776.16

Total Interest $12,276.16

Explanation:

User Rahul Dagli
by
7.5k points
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