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25 February, 22:59

Cory took out a loan at a 13.5% APR, compounded monthly, to buy a car, and he is making monthly payments to pay off the loan. Which of these interest rates would have allowed Cory to pay off the loan faster?

A. 15.0%, compounded monthly

B. 14.4%, compounded monthly

C. 13.2%, compounded monthly

D. 13.8%, compounded monthly

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  1. 25 February, 23:08
    0
    The lowest interest rate is the one that will allow the loan to be paid fastest (for the same payment amount).

    C. 13.2%, compounded monthly
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