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6.3 Exercise 19

Avg difficulty 2.5

Desiree buys a new car, by taking a loan out from her credit union. The balance of her loan is $27,845.00. The annual interest rate that Desiree will pay is 7.3%. She plans to pay this off over 4 years. How much will Desiree’s monthly payment be?

OpenStax Contemporary Mathematics, 6.3 Simple Interest, exercise 19

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Adapted from Contemporary Mathematics © 2023 Rice University. Licensed under CC BY 4.0. Source: Contemporary Mathematics. Imported at revision fa7c1a1.