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Mary is considering acar purchase. The car is priced at $25,000, and her bank is willing to lend her money at an interest rate of13%compounded
Mary is considering acar purchase. The car is priced at $25,000, and her bank is willing to lend her money at an interest rate of13%compounded monthly. The terms are for 48 end of month loan repayments to settle her loan. If she decides to make adown payment of 6800 towards the initial purchase, how much will she save in total interest costs during the loan term
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