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Question
Mark Green is considering buying a new Honda Accord. The purchase price of the car is $21,000 but Mark has a trade-in worth $4,500. Mark needs a loan to buy the car and knows that his local bank requires him to put down 10 percent of the purchase price after the value of the trade-in is considered. Mark also knows that bank will charge 8 percent for the loan and require monthly payments over the next 4 years.
If Mark's monthly payments are 362.53 per month, what is the total finance charge if he takes the full 4 years to pay off the loan?
A. $468
B. $4,032
C. $4,500
D. $2,551.53
E. None of the options is correct
Answer
This answer is hidden. It contains 1 characters.
Related questions
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