Suppose you take a loan of $25,000 for a car for 4 years. The interest rate is 7.5% percent, compounded monthly. What is the total interest you paid on your loan over the 7-year period? Enter your answer rounded off to two decimal places. Do not enter $ in the answer box.

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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Suppose you take a loan of $25,000 for a car for 4 years. The interest rate is 7.5% percent,
compounded monthly.
What is the total interest you paid on your loan over the 7-year period?
Enter your answer rounded off to two decimal places. Do not enter $ in the answer box.
Transcribed Image Text:Suppose you take a loan of $25,000 for a car for 4 years. The interest rate is 7.5% percent, compounded monthly. What is the total interest you paid on your loan over the 7-year period? Enter your answer rounded off to two decimal places. Do not enter $ in the answer box.
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