Question

To pay for a $15,200 car, Bob made a down payment of $4400 and took out a loan for the rest. On the loan, he paid monthly payments of $239.06 for 4 years.

What was the total amount Bob ended up paying for the car (including the down payment and monthly payments)?

How much interest did Bob pay on the loan? ​

Answer 1

Total amount = $15,874,88

interest: $674.88

Explanation:

15,200 - 4,400 = $ 10,800

48 months x $239.06 = $11,474.88

11,474.88 - 10,800 = $674.88