Wednesday, August 17, 2011

Loan math question please help ?

My Aunt Scarlet is taking out a car loan from Shore Acceptance Corp. to buy a Jeep, Cherokee over 11 years. Shore Acceptance Corp. charge interest at the rate of 17.4504% per annum and the monthly repayment is $23.20. How much is she borrowing? Give your answer in dollars and cents. Use eight places of decimals in your calculations and round up on the half cent.

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