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You are considering purchasing a new car priced at $ 3 1 , 1 1 0 . After making a $ 2 , 3 0

You are considering purchasing a new car priced at $31,110. After making a $2,300 down payment, you will need to finance the remaining amount through a bank loan. The bank offers a loan with a 3.96% interest rate, compounded weekly, over a 3-year term
[3 marks] If you take the loan, what is your weekly payment?
[4 marks] In your first payment, how much goes towards interest, and how much is applied against the principal of the loan?
[4 marks] How much interest will you pay over the 3-year life of the loan?

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