Suppose that the amount to be financed for a car purchase is ($ 13,500) at an add-on

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Suppose that the amount to be financed for a car purchase is \(\$ 13,500\) at an add-on interest rate of \(2.9 \%\) for 2 years.

a. What are the monthly installment and the amount of interest that you will pay?

b. Use the APR formula for this loan.

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