Car Loan Interest Calculation

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Questions and Answers

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?

  • 4 years (correct)
  • 5 years
  • 3 years
  • 6 years

What is the annual interest rate?

  • 12%
  • 15% (correct)
  • 10%
  • 20%

How many payments are there in each year?

<p>12 (D)</p> Signup and view all the answers

What is the time period of interest in the question?

<p>Year 3 (A)</p> Signup and view all the answers

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