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25 April, 00:22

Harley's family borrowed $2045 from bank to buy a car. To pay off the loan they have to make 24/payment of $98. How much interest do they have to pay? Show your work

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  1. 25 April, 03:25
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    The interest that they have to pay is 15.01% or $307.

    Explanation:

    Given:

    The loan amount of the family of Harley is $2045.

    Payment to be made: $98 for 24 months or 98x24 = $2352

    To identify the amount paid for the interest: amoubt of interest = payment - loan amount

    2352-2045 = 307.

    To convert to percent: (307 / 2045) * 100 = 15.01
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