Your pickup truck is high mileage and needing replacement. You have purchased a brand new F250 XLT 4 door pickup truck. You were able to negotiate a...
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Your pickup truck is high mileage and needing replacement. You have purchased a brand new F250 XLT 4 door pickup

truck. You were able to negotiate a total cost of $38,000 for this vehicle. 

The sales tax in Texas for all vehicle purchases less trade-in value in Texas is 6.25% and you want to add this tax to the loan. You have decided to finance this vehicle for 7 years through Texas Tech Federal Credit Union for 3.9%.

During the first year (i.e. 12 months), how much interest did you pay

A.$ 1,398

B.$ 1,289

C.$ 1,485

D.$ 1,415

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Interest paid during the... View the full answer

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