5 Questions
What is the total amount borrowed by the smiths to buy a car?
$7500
Over how many years will the loan be repaid?
4 years
What is the annual interest rate?
15%
How many payments are there in each year?
12
What is the time period of interest in the question?
Year 3
Find the total interest paid in 12 payments of year 3 of a 4-year loan with a 15% annual interest rate.
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