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Mathematics, 14.11.2020 01:00 cfonse11

1. You purchase a car using a $15,000 loan with a 5% simple interest rate. (a) Suppose you pay the loan off after 4 years. How much interest do you pay on your loan? Show your work. (10 points)

(b) Suppose you pay the loan off after 2 years. How much interest do you save by paying the loan off sooner? Show your work. ( 5 points)

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