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Mathematics 4 Online
OpenStudy (anonymous):

Juan bought a pickup truck for $16,000. He paid $1,000 down and borrowed the rest on a one year note at 16% interest. How much will he owe at the end of one year?

OpenStudy (whpalmer4):

He borrowed $15,000 ($16,000 loan - $1,000 down) which accrues interest over the course of the year. How much is 16% of $15,000? That's the interest he will owe. The total owed will be the interest plus the $15,000 principal balance.

OpenStudy (anonymous):

thank you

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