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Sally Stanford is buying a car that costs $12, 000. She will pay $2000 immediately and the remaining $10, 000 in four annual end-of-year principal
Sally Stanford is buying a car that costs $12, 000. She will pay $2000 immediately and the remaining $10, 000 in four annual end-of-year principal payments of $2500 each. In addition to the $2500, she must pay 15% interest on the unpaid balance of the loan each year. .calculate the amount of interest each year for her.
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