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28 April, 00:02

Aretha applies for a $3600.00 loan at APR of 12% in order to purchase a used car for transportation in college. If she makes monthly payments of $118.50 for three years, what will be the total amount required?

How much is she paying in finance charges?

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  1. 28 April, 00:20
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    The total amount Aretha is required to pay:

    Solution: Monthly payment x Number of Payments - Amount Borrowed = Total Amount of Finance Charges

    - - $ 118.50 x 36 - $3600.00 = $666.00
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