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Total interest costs during the loan term

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Mary is considering a car purchase. The car is priced at $25,000, and her bank is willing to lend her money at an interest rate of 13% compounded monthly. The terms are for 48 end of month loan repayments to settle her loan. If she decides to make a down payment of 6800 towards the initial purchase, how much will she save in total interest costs during the loan term.

Reference no: EM132485043

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