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How much interest is paid over the life of the loan

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The truck in Problem 12 is to be purchased with a forty-eight-month loan with an annual percentage rate of 11%. What is the difference in the monthly payments for the forty-eight-month and sixty-month loans? How much does using a forty-eight-month loan save in interest?
In Problem 12, determine the monthly payment for a sixty-month truck loan with an annual percentage rate of 11% and an initial principal of $17,000. How much interest is paid over the life of the loan?

Reference no: EM131137505

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