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Social ScienceSuppose you purchase a car for a total price of $21,750, including taxes and license fee, and finance that amount for 7 years at an annual interest rate of 6%. (Round your answers to the nearest cent.)(a) Find the monthly payment.$ (b) What is the total amount of interest paid over the term of the loan?$
Suppose you purchase a car for a total price of $21,750, including taxes and license fee, and finance that amount for 7 years at an annual interest rate of 6%. (Round your answers to the nearest cent.)
$
(b) What is the total amount of interest paid over the term of the loan?
$
Expert Answer
Part A and B:
Calculation of Monthly Payment and Total Interest Paid:
The monthly payment is $317.74 and total interest paid is $4,939.823
Excel Spreadsheet:
...
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