Question

Nobu has just made the last payment on his car. The lifetime of the loan was 48 months. The bank financed him for $18,000 at 6.76%. How much did Nobu actually pay, after he has made he last payment, for his car?

a. $18,000


b. $19,205.33


c. $20,593.44


d. $21,233.21

Answer 1

C. 20,593.44

Explanation:

I chose D and it was wrong, says the answer is C.

Answer 2

$22867.2

Explanation:

Given

Principal = $18000

Rate = 6.76%

Time = 48months = 4years

Get the interest

SI = PRT/100

SI = 18000×6.76×4/100

SI = 180×6.76×4

SI = $4867.2

Get the amount paid

Amount = principal+interest

Amount = 18000+4867.2

Amount = $22867.2