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How much will pay in the next six months in interest

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Mr. Gonzalez has 2 debts, these are:

  • He owes $80,000 to a bank that charges 3.5% per month.
  • He bought a car on credit; he paid a certain amount and has a balance of $125,000 left that he will start paying in 8 months; meanwhile, he must pay 24% annual capitalizable interest during that period.

Problem 1: How much will you pay in the next 6 months in interest?

Reference no: EM133009631

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