# Question: susan just bought a used car for 4500 she put...

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Susan just bought a used car for $4500. She put 10% down and took out a three year loan for the remainder of the purchase price at a 4% annual interest rate, compounded every three months. At the end of the three years she must repay the money she borrowed plus the interest. How much money, to the nearest dollar, does Susan owe in three years? What is the effective annual loan rate to the nearest 1/100 percent?