In: Finance
Over the life of a conventional 5-year car loan for $28,745 at 5.125%, total interest paid is closest to:
A. $32,646.08.
B. $3,901.08.
C. $7,375.91.
Total interest paid = Principal * Rate * Time
Total interest paid = $28,745 * 0.05125 * 5
Total interest paid = $7,365.91