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Solve the problem. Cara has a loan from her credit union at a rate of 8.2% for which her payments are $185 per month. The
Solve the problem.
Cara has a loan from her credit union at a rate of 8.2% for which her payments are $185 per month. The interest is computed on a daily basis (assume 365 days per year) on the unpaid balance of the loan. If the loan balance after her last payment was $2396 and Cara makes her next payment 35 days later, how much of the payment is paid towards interest? Select Best Answer: Correct answer is within +/- $0.09 of Multiple choice answer.)
A) $5.38 B) $44.25 C) $18.84 D) $53.83
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