Bill took out a 6 year loan to buy a car. If the loan carried an annual interest rate of 6.5% and he made monthly payments of $475, how much interest did he pay? Round your answer to the nearest dollar.

Bill took out a 6 year loan to buy a car. If the loan carried an annual interest rate of 6.5% and he made monthly payments of $475, how much interest did he pay? Round your answer to the nearest dollar.

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 25PROB

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Bill took out a 6 year loan to buy a car. If the loan carried an annual interest rate of 6.5%
and he made monthly payments of $475, how much interest did he pay?
Round your answer to the nearest dollar.

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