Question:
Mrs. Spencer took out a loan to pay for a car. She was
Last updated: 7/27/2022
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Mrs. Spencer took out a loan to pay for a car. She was required to pay 12.25% interest, compounded monthly, on the unpaid balance of her loan. She borrowed $20,000 and made no payments for five years. How much did she owe at the end of five years (with interest added)?