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1. The price of a car is $55,000. You make a down payment of 10% and finance the rest with a seven-year loan at

1. The price of a car is $55,000. You make a down payment of 10% and finance the rest with a seven-year loan at a 2.9% annual interest rate. Payments are due monthly. What is the total cost of the car if you make payments for all seven years? Now suppose after four years of payments, you decide to pay off the remaining loan balance with one check. How much money will you save?

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