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OpenStudy (anonymous):
Larry is getting a loan to buy a car. The loan will be for $18,000 and will be paid off over 4 years. One bank offers him an annual interest rate of 6%, which would make his payments $422.73. Another bank offers him an annual interest rate of 8%, which would make his monthly payments $439.43. What is the overall financial benefit for Larry of taking the 6% loan?
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