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Karen purchases a car costing $50,000 with a $10,000 down payment. She finances the remainder over four years at 4%, compounded quarterly. The terms
Karen purchases a car costing $50,000 with a $10,000 down payment. She finances the remainder over four years at 4%, compounded quarterly. The terms require her to make 16 quarterly payments of an equal amount, with the first one due 3 months from signing. What is her total interest paid over the life of the loan?
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