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Eduardo buys a car paying a down payment of $10,000 and the balance in monthly installments for 3 years. If the first 2 years you
Eduardo buys a car paying a down payment of $10,000 and the balance in monthly installments for 3 years. If the first 2 years you must pay $3,722.66 at the end of each month and in the third year $7,445.32 at the end of each month. What is the cash price of the car, if the interest rate is 15% compounded each month? What was the total interest paid for the financing?
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