Final answer:
The total repayment on the $8,000 car loan with a 9.8% interest rate over 8 years, with monthly payments of $120.55, is $11,572.80.
Step-by-step explanation:
The student has taken out an $8,000 loan to buy a car with an interest rate of 9.8% for 8 years, with a monthly payment of $120.55. To find the total repayment on the loan, we'll multiply the monthly payment by the number of months in the term of the loan:
120.55 (monthly payment) × 12 (months per year) × 8 (years) = total repayment.
By calculating this, we find the total repayment is:
120.55 × 12 × 8 = $11,572.80.
The total repayment amount includes both the principal and the interest paid over the life of the loan.