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What is the amount that will go toward interest in the last year if Jack finances a car on the following conditions and makes yearly
What is the amount that will go toward interest in the last year if Jack finances a car on the following conditions and makes yearly payments to the bank?
APR or nominal rate per year | NOMINAL | 6.500% | p. y. c. m. |
Loan amount | PV | $36,000 | |
Loan term | NPER | 6 | years |
Balloon to pay at end of term | FV | ($5,000) |
Group of answer choices
$739
$1,084
$1,501
$1,997
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