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E - Loan, an online lending service, recently offered 3 6 - month auto loans at 4 . 5 % compounded monthly to applicants with
ELoan, an online lending service, recently offered month auto loans at compounded monthly to applicants with good credit ratings. If you have a good credit rating and can afford monthly payments of $ how
much can you borrow from ELoan? What is the total interest you will pay for this loan?
Round to two decimal places.
PART B
What is the interest?
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