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You have applied for a $10,000 car loan from the TF Bank. The bank is charging an interest rate of 8% per year compounded weekly.
You have applied for a $10,000 car loan from the TF Bank. The bank is charging an interest rate of 8% per year compounded weekly. You plan to repay the loan over 6 years by making weekly payments. How much interest have you paid in total over the life of the loan? Round your answer to the closest dollar. Do not include the $ sign. (e.g. 1825). Be careful, you will need to recalculate your EPR and weekly payment. Also, don't round any intermediate calculations. Only round at the end.
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