Solved: Your monthly payment over the next 48 months is calculated, Business Economics

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Your monthly payment over the next 48 months is calculated

Assume you want to buy a car worth $25,000. You make an initial down payment of 10,000 and the remaining 15,000 is financed by the dealer. Your monthly payment over the next 48 months is calculated to be $512. Which number of interest will be included as the dealer's monthly rate of return on this loan?

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Business Economics: Your monthly payment over the next 48 months is calculated

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