Rachel wants to buy a car, So she takes out an auto loan for $12,000. The interest on the loan is 6.5%, and the term of the loan is five years. The monthly payment is $234.79. A) Give the total paid in monthly payments over the life of this loan. B) Give the total interest paid over the life of this loan

College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 19E
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Rachel wants to buy a car, So she takes out an auto loan for $12,000. The interest on the loan is 6.5%, and the term of the loan is five years. The monthly payment is $234.79. A) Give the total paid in monthly payments over the life of this loan. B) Give the total interest paid over the life of this loan
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