Kevin borrowed $32,500 to purchase a new car. If the rate on the loan is 6% compounded

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Kevin borrowed $32,500 to purchase a new car. If the rate on the loan is 6% compounded annually, how much will he pay in total over the course of the 5 year loan?

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Personal Finance Turning Money into Wealth

ISBN: 978-0134730363

8th edition

Authors: Arthur J. Keown

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Posted Date: May 05, 2023 08:49 AM

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Kevin borrowed $32,500 to purchase a new car. If the rate on the loan is 6% compounded

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using compound interest formula A P1 rnnt where A is the total amount paid P is the ... View the full answer

Personal Finance Turning Money into Wealth

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