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12 July, 16:15

Kevin gets an auto loan of $12,000 at 6% annual interest. The terms of his loan state that he has to pay $281.82 each month for 4 years. How much total interest will he have to pay?

$288

$720

$1527.36

$3381.34

+5
Answers (1)
  1. 12 July, 19:17
    0
    Total interest equals total payments - initial amount 4 years is 48 months multiply monthly payment by 48 then subtract 12000
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