Steph took out a simple interest loan that charges 8.5% interest annually. If her loan amount was for $30000. And she is paying
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The final value of the car will be given by:
final = origamt(1 - .20) to the 4th power. The car will retain therefore,only 80% of its original value from the preceding year for each of the 4 years starting with an original value of $35000.
The calculation is
A measely $14,336!