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Chad's Used Cars
Loan Interest Rate Length of Loan
A 3.7% 60 months
B 4.1% 36 months
The cost of credit is the amount that a person pays over and above the amount borrowed.
Aaron bought a $3,000.00 car from Chad's Used Cars. What was his cost of credit if he had a 5 year loan at 3.7% interest?
P is the principal, r is the interest rate,
m is the number of monthly payments,
M is the monthly payment
A.
$323.40
B.
$290.40
C.
$193.56
Sagot :
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