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Exercise 2

Avg difficulty 2.5

Marie can afford a $250 per month car payment. She's found a 5-year loan at 7% APR.

  1. How expensive of a car can she afford?

  2. How much total money will she pay the loan company?

  3. How much of that money is interest?

Lee et al., Math in Society, §2.4 Loan Payments, Exercise 2

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Adapted from Math in Society © 2018–2024 Portland Community College Math Instructors. Licensed under CC BY-SA 4.0. Source: Math in Society. Imported at revision 68ee43c.