Jamal is going to borrow $14,000 from his credit union to buy a used car. The APR is 7.0% and the length of the loan is 4 years. How much will Jamal pay in interest?
What will be an ideal response?
Find the monthly payment, multiply it by the number of months of the loan, then subtract the principal.
$335.25 ´ 48 = 16,092 - 14,000 = $2,092
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n(A)
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