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2. You are about to purchase a used car for $12,000. You have 2 options to pay for the car. You can use your VISA

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2. You are about to purchase a used car for $12,000. You have 2 options to pay for the car. You can use your VISA card @ 21% interest - compounded monthly, or you could borrow from your father at 5%. You agree to pay the loan back to VISA OR your father over 5 years. Payments and monthly and interest is compounded monthly. What is the total cost o each

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