question archive Anna Conda purchased a new Toyota Tundra pickup truck for $45,000 and financed $41,000 with a 5 year, 3
Anna Conda purchased a new Toyota Tundra pickup truck for $45,000 and financed $41,000 with a 5 year, 3
Subject:FinancePrice:2.87 Bought7
Anna Conda purchased a new Toyota Tundra pickup truck for $45,000 and financed $41,000 with a 5 year, 3.5% loan. Following the format of the loan disclosure statement, answer the following question. What is the total of all the loan payments made?
A. $42,261
B. $44,747
C. $47,563
D. $49,113
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Answer:
Calculating Monthly Payment,
Using TVM Calculation,
PMT = [PV = 41,000, FV = 0, N = 60, I = 0.035/12]
PMT = $745.86
Total Loan Payment = 745.86(60) = $44,747
