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What is the monthly loan payment

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Question

Assume you are borrowing $15,000.00 to buy a vehicle. The bank is offering 7.5% financing for a 4year loan.

1. What is the monthly loan payment?

2. How much in total do you end up paying over the four years?

3. How much interest(Borrowing cost) did you end up paying? How to reduce borrowing costs.

(Give three options of reducing the cost)

Reference no: EM133495956

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