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Exercise 5

Avg difficulty 2.5

You are purchasing new furniture that costs $3500. You are required to make a down payment of $350. The loan will be a simple interest at 13% APR and the length of the loan will be 28 months. What is your monthly payment and how much did you pay back?

Lee et al., Math in Society, Financial Math — Chapter 2 Review, Exercise 5

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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.