Answer to Question #230299 in Financial Math for Shawny

Question

to pay for an $18,600 car elsa made a down payment of $4500 and tok oout a loan for the rest. On the loan she paid monthly payments of $312.10 for 4 years What was the total amount Elsa ended up paying for the car (including the down payment and monthly payment? How much interest did Elsa pay on the loan

Answer 1

Amount paid as monthly payments $=(12×4×312.10)=14,980.8$ dollars

Total amount Elsa paid for the car $=(14980.8+4500)=19,480.8$ dollars

Interest Elsa paid on loan $=(19480.8-18600)=880.8$ dollars