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What is the amount of interest for this loan

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Question - Levi would like to use a credit card to make a $3000 purchase. He is considering two credit options. The first requires a down payment of $1000 followed by monthly payments of $125. The second requires a down payment of $1300 followed by monthly payments of $110. The two options accumulate the same amount of interest and require the same number of monthly payments. What is the amount of interest for this loan?

Reference no: EM133059710

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