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28 October, 14:02

Your aunt bought a new car. After three months of car payments she owed a total of $22,275 to the bank for the car loan. After 12 months, she owed $18,900 to the bank for the car loan. What was her average payment rate on the principal of the car loan during this time?

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  1. 28 October, 15:12
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    (22275-18900) / (12-3) = 3375/9 = 375
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