Blake bought a new car and financed $15,000 to make the purchase. He financed the car for 60 months with an APR of 5.5%. Assuming he made monthly payments, determine the total interest Blake paid over the life of the loan. Round your answer to the nearest cent, if necessary.
Blake bought a new car and financed $15,000 to make the purchase. He financed the car for 60 months with an APR of 5.5%. Assuming he made monthly payments, determine the total interest Blake paid over the life of the loan. Round your answer to the nearest cent, if necessary.
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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Blake bought a new car and financed $15,000 to make the purchase. He financed the car for 60 months with an APR of 5.5%. Assuming he made monthly payments, determine the total interest Blake paid over the life of the loan. Round your answer to the nearest cent, if necessary.
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