Question

To pay for a $15,500 motorcycle, Jane made a down payment of $3300 and took out a loan for the rest. On the loan, she paid monthly payments of $219.23 for 5 years. What is the total amount Jane ended up paying for the motorcycle (including down payment and monthly payments)

Answer 1

$16,453.80

Explanation:

5 × 12 months = 60 months (the time she payed the monthly payments in months)

219.23 × 60 = 13, 153.8

13,153.8+3,300= $16,453.80.