Secures financing for the balance at the rate of 10 per, Financial Management

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Secures financing for the balance at the rate of 10 per

The price of a new car is $18,000. If an individual makes a down payment of 25% toward the purchase of the car and secures financing for the balance at the rate of 10% per year compounded monthly for 4 years, what is the interest paid over the life of the loan? Show your work as best as you can.

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