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Your friend just got a five-year car loan for $40,000 with 6% interest rate (APR) and monthly payments. You explained to her that 6% is
Your friend just got a five-year car loan for $40,000 with 6% interest rate (APR) and monthly
payments. You explained to her that 6% is too high, and she could have saved a lot of money if she
negotiated with the bank and got 3% instead. How much money would your friend have saved every
month if the rate was 3% instead of 6%?
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Financial Markets And Institutions
Authors: Frederic S. Mishkin, Stanley Eakins
6th Edition
0321374215, 9780321374219
