You recently purchased a new car for $20,000; you made a $3,000 down payment and...
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Accounting
You recently purchased a new car for $20,000; you made a $3,000 down payment and then agreed to pay the balance by making annual payments for 5 years. If the interest rate on your loan is 6 percent, what is the total amount of interest you will pay over the life of the loan? Use a time value of money factor with at least four decimal places and round your final answer to the nearest whole dollar.
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