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Kevin gets and auto loan of $12,000 at 8% annual interest. The terms of his loan state that he has to pay 292.96 each month for 4 years. How much total interest will he have to pay? A. $384 B. $960 C.
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Kevin gets and auto loan of $12,000 at 8% annual interest. The terms of his loan state that he has to pay 292.96 each month for 4 years. How much total interest will he have to pay?

A. $384
B. $960
C. $1171.84
D. $2062.08

User David Ranieri
by
8.2k points

1 Answer

6 votes


292.96 * 48 = 14062.08 - 12000 = 2062.08
User Apatsekin
by
7.1k points
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