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Derek borrows $ 3 1 , 2 2 7 . 0 0 to buy a car. He will make monthly payments for 6 years. The

Derek borrows $

31, 227.00

to buy a car. He will make monthly payments for

6

years. The car loan has an interest rate of

5.05 % .

After a

12.00

months Derek decides to pay off his car loan. How much must he give the bank?

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