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Consider the following: -You purchase a used-car for $9000 - Your down payment is $500 - Over a period of 5 years, you will be

Consider the following:

-You purchase a used-car for $9000

- Your down payment is $500

- Over a period of 5 years, you will be charged 7% interest rate.

a) Calculate the amount of interest owed over the life time of the loan

b) Calculate the total amount you will pay

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