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Question - After visiting several automobile dealerships Jane Hamm selects the car she wants. She likes its $18,000 price, but financing through the dealer is no bargain. She has $2,000 cash for a down payment, so she needs a $16,000 loan. Jane borrows $16,000 for a period of four years at an interest rate of 9 percent.
Required -
a. What is the total interest on Jane's loan?
b. What is the total cost of the car?
c. What is the monthly payment?
d. What is the annual percentage rate (APR)?
the customer service department of grand lakes technologies asked the publications department to prepare a brochure for
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