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Hank purchased a car for $ 2 0 , 0 0 0 two years ago using a 5 - year loan with an interest rate

Hank purchased a car for $20,000 two years ago using a 5-year loan with an interest rate of 9 percent. He has decided that he would sell the car now, if he could get a price that would pay off the balance of his loan.

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