Question
A car is purchased at a dealer and is paid as follows: 30% in cash and the other 70% was financed through the dealer at
A car is purchased at a dealer and is paid as follows: 30% in cash and the other 70% was financed through the dealer at an interest rate of 1% simple monthly due. It is known that the value paid to the dealer for the financing at the end of 1 year and 90 days, including interest and principal, was $63,600,000. Taking these data into account, answer the following questions: How much was the value initially financed by the dealer? What was the total list price of the vehicle at the time of purchase? How much was the amount paid for interest only?
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