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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?

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What is the time period of interest in the question?

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Car Loan Interest Calculation

Choose a study mode

Podcast

Questions and Answers

What is the total amount borrowed by the smiths to buy a car?

Over how many years will the loan be repaid?

What is the annual interest rate?

How many payments are there in each year?

What is the time period of interest in the question?

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