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A new car is purchased for $19,000 using a loan. The interest rate is 5.8% compounded monthly. Betty has a maximum of $500 to use
A new car is purchased for $19,000 using a loan. The interest rate is 5.8% compounded monthly. Betty has a maximum of $500 to use as a monthly payment and she wants to pay off the car fast to save on interest. Which option saves Betty the most money? Monthly payments for five years until paid off. Monthly payments for four years until paid off. All of these options cost Betty the same amount. Monthly payments for three years until paid off. A $1000 down payment and monthly payments for five years until paid off
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