You are buying a car, and have settled on a price of $22,678.95. You put $2,678.95 down and borrow the rest at an 8.5% APR, comp
ounded monthly for 48 months. This requires a monthly payment of $492.97. If you decide to pay off the loan in full with a lump sum after 25 payments, how much will you need to give the dealer?
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Answer
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Explanation
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