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Devika is considering the purchase of a car. After making the down payment, she will finance $16,000. Devika is offered two maturities. On a four-year
Devika is considering the purchase of a car. After making the down payment, she will finance $16,000. Devika is offered two maturities. On a four-year loan, Devika will pay $380 per month. On a five-year loan, Devika's monthly payments will be $320. If Devika had been able to afford the four-year loan, how much interest in total would she have saved compared to the five-year loan?
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