Over the life of a conventional 5-year car loan for $28,745 at 5.125%, total interest paid...

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.

Solutions

Expert Solution

Total interest paid = Principal * Rate * Time

Total interest paid = $28,745 * 0.05125 * 5

Total interest paid = $7,365.91

jeff jeffy answered 2 years ago

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