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How much interest is charged in the first month

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Reference no: EM132569912

You take out a $17500 car loan at 9.6% APR.

Question (a) What is the monthly or periodic interest rate?

Question (b) Your monthly rate can be expressed as a ratio x : 100. What quantity does the x represent?

Question (c) How much interest is charged in the first month?

Reference no: EM132569912

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