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Exercise 6

Avg difficulty 2.5

Tom has misplaced the sales contract for his car and cannot remember the amount he originally financed. He does know that the interest rate was 9.6% APR for 60 months and the simple interest loan required a total of 60 payments at $254.23. What is the amount of money that Tom borrowed?

Lee et al., Math in Society, Financial Math — Chapter 2 Review, Exercise 6

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