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17 November, 14:05

You bought a car for $17,250. You put down $3,000 cash and have to take a loan out to pay for the rest. The car dealership is offering you a loan of $14,250. They say your interest rate will be 6% and you can pay the car off in 10 years. How much money in interest and how much will you have paid back?

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  1. 17 November, 18:01
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    Interest will be $855 x 10 years = $8,550

    Explanation:

    Interest

    6:100=0.06

    0.06x14,250=$855

    $855x10=$8,550.

    How much to have paid back

    At the end of 10years $8,550 would have been paid as interest

    Total sum will be $14,250+$8,550=$22,800 to be paid back.
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