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OMG I CAN NOT get this !!!!
Purchase price of article = $495

Down payment = $50

Number of payments = 36

True annual interest rate = 18%

Monthly payment amount = $
The formula is I= 2YC

y = the number of payments made in a year.
m = the amount financed or how much money was loaned.
c = the total amount of interest charges.
n = the number of payments for the whole loan.
I = interest

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