# Interest and total cost

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Problem:

You buy a car with a down payment of $300 and payments of $200 per month for 3 years. If the interest rate is 12% compounded monthly what is the total cost of the car?

a. $5532.14

b. $6574.20

c. $6321.50

d. $8615.38

e. None of the above

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##### Solution Summary

This shows how to compute the total cost of a car bought with a given down payment and monthly payments.

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