This is my loan scenario. Ethan decides to trade in his sports bike to buy a new Indian motorcycle. After trade in, the loan for the motorcycle is $9500. Ethan’s credit is not the best so he gets approved for a 60 month (5 year) loan at a 6.4% apr. Using the formula I=PRT find the total interest Ethan will pay over the term of his loan if not paid off early.
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