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    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

    © BrainMass Inc. brainmass.com March 4, 2021, 6:26 pm ad1c9bdddf
    https://brainmass.com/business/interest-rates/interest-and-total-cost-44479

    Solution Summary

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

    $2.49

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