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Unformatted text preview: When calculating your interest remember to deduct the principal as this will give you a figure for how much you paid just to borrow money. When borrowing $25,000 with an interest rate of 7%, and making 60 payments over a span of 5 years you will pay a total of $4701.80 in interest. It is important to consider if with the current interest rate your getting if it is worth your purchase....
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- Fall '10