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Lola is currently paying $445.16 per month for 5 years on a $15,999 car. how much will she pay in interest?

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joccalub

Answer: 13.39%per annum

Lola is currently paying $445.16 per month for 5 years on a $15,999 car. how much will she pay in interest?

If Lola is currently paying $445.16 per month, she is actually to pay ($445.16X12X5) or $i26709.6 in  5 years. Total interest would be ($26709.6-$15,999) or $10710.6. Annual interest is computed a:

$.10710.6/15,999X100=13.39%


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