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24-05-2023
SAT

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Use the following chart to explain how the amount of principal affects the total cost of the loan.
Principal
Loan Repayment Period
Interest Rate
$5,000
6.47 percent
Monthly Payment
$98
Loan Repayment Period
five years
Total cost of the loan $5,866
Loan 1
Loan 2
$6,000
6.47 percent
$117
five years
$7,039

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