Final answer:
The amount paid for the loan is $6691.20.
Step-by-step explanation:
To find the amount paid for the loan, we can use the formula for calculating the total amount paid on a loan:
Amount Paid = Principal + Interest
In this case, the principal (P) is $4800, the interest rate (r) is 9.9%, and the time period (t) is 4 years.
Step 1: Calculate the interest:
Interest = Principal * Interest Rate * Time
Interest = $4800 * 0.099 * 4
Step 2: Calculate the amount paid:
Amount Paid = Principal + Interest
Amount Paid = $4800 + (Interest calculation from Step 1)
Plug in the values and calculate:
Amount Paid = $4800 + ($4800 * 0.099 * 4)
Amount Paid = $4800 + $1891.20
Amount Paid = $6691.20