oliviabeard1579 oliviabeard1579

20-04-2017
Mathematics

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alan pays $25,000 for a truck from akins ford. they charge 8% interest . he has decided to finance it for 36 months .how much interest will alan pay ?

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liemonder liemonder

20-04-2017

assuming the interest compounds once a year:
36 months=3 years
price in 3 years: 25000*1.08^3=$31492.8
gained interest: 31492.8-25000=$6492,8

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