You purchase a car using a $20,000 loan with a 5% simple interest rate. (
a. suppose you pay the loan off after 4 years. how much interest do you pay on your loan? show yourwork and don't forget the unit! (
b. suppose you pay the loan off after 3 years. how much interest do you save by paying the loan offsooner? show your work and don't forget the unit. answer:
a.
b.
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