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3 years ago

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Joseph took out a loan from the bank to purchase a new car. The initial loan amount was for $25,000 with an interest rate of 3.5

%. If Joseph takes 5 years to pay off the loan, what is the total amount he will have paid for the car?

1 answer:

siniylev [52]3 years ago

4 0

3.5% • 5 = 17.5%

$25,000 • 17.5% = $437,500

i hope this is correct

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