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You take a fixed-rate, amortizing, 7-year loan to buy a car. The loan amount is $130,000, the APR is 4.8%. Payment is expected at the
You take a fixed-rate, amortizing, 7-year loan to buy a car. The loan amount is $130,000, the APR is 4.8%. Payment is expected at the end of each month. How much is pure interest in your end-of-month 24 payment assuming all payments were made on time and no prepayments were made?
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