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You are purchasing a new car after graduation. You have the option of paying $28,989 in cash or financing the car with a 6-year installment

You are purchasing a new car after graduation. You have the option of paying $28,989 in cash or financing the car with a 6-year installment loan. The loan requires 20% down and 72 equal monthly payments of $379.73. What is the finance charge on the loan?

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