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Sammie Whitehouse obtained an installment loan of $ 2 , 7 0 0 to purchase a used boat. The annual percentage rate is 1 2

Sammie Whitehouse obtained an installment loan of $

2, 700

to purchase a used boat. The annual percentage rate is

12 % .

She must repay the loan in

48

months. What is the finance charge?Step

1

: find the monthly paymentStep

2

: fine the total amount repaidStep

3

: find the finance charge

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