Two years ago you purchased a new suv you financed your suv, Ask an Expert

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Two years ago you purchased a new SUV. You financed your SUV for 60 months (with payments made at the end of the month) with a loan at 5.9% APR. Your monthly payments are $617.16 and you have just made your 24th monthly payment on your SUV.

Required: Assuming that you have made all of the first 24 payments on time, how much interest have you paid over the first two years of your loan?

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