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You need $10,000 to buy a car: You can either : 1- Take a Loan term which is 4 years at annual Interest rate: 9%

You need $10,000 to buy a car: You can either :

1- Take a Loan term which is 4 years at annual Interest rate: 9%

2- Take a Loan term which is 5 Years at annual interest rate 10%.

Which deal is cheaper? Explain and show your workings clearly.

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