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After visiting several automobile dealerships, Richard selects the used car he wants. He likes its $ 1 1 , 8 0 0 price, but financing
After visiting several automobile dealerships, Richard selects the used car he wants. He likes its $ price, but financing through the dealer is no bargain. He has $ cash for a down payment, so he needs an $ loan. In shopping at several banks for an installment loan, he learns that interest on most automobile loans is quoted at addon rates. That is during the life of the loan, interest is paid on the full amount borrowed even though a portion of the principal has been paid back. Richard borrows $ for a period of four years at an addon interest rate of percent.
a What is the total interest on Richard's loan?
Note: Do not round intermediate calculations. Round your answer to the nearest whole number.
Answer is complete but not entirely correct.
tableTotal interest,$
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