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Someone has a choice of taking out a $24.000 car loan, at 8% compounded quarterly for either 5 years or 8


  1. For 5 year loan:

calculate the periodic payment (R)

calculate The total interest paid

  1. for 2 year loan:

calculate the periodic payment(R)

calculatw the total interest paid

how much saving will she have if she choose to take the 5 year loan, instead of the 8 year loan?



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