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Questions and Answers
What is the total amount borrowed by the smiths to buy a car?
What is the total amount borrowed by the smiths to buy a car?
- $7000
- $8000
- $8500
- $7500 (correct)
Over how many years will the loan be repaid?
Over how many years will the loan be repaid?
- 4 years (correct)
- 5 years
- 3 years
- 6 years
What is the annual interest rate?
What is the annual interest rate?
- 12%
- 15% (correct)
- 10%
- 20%
How many payments are there in each year?
How many payments are there in each year?
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What is the time period of interest in the question?
What is the time period of interest in the question?
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