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You want to purchase a new car. You are offered a loan for $ 2 5 , 0 0 0 with annual interest rate of

You want to purchase a new car. You are offered a loan for $25,000 with annual interest rate of 12.5% over 36 months (in other words, 3 years). Use the average balance method to calculate/approximate how much interest you will pay over the repayment period.
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