Question: Multi-Step Example Lucas wants to take out a loan for $12,000.00 for a car. What is the total interest paid? Find an online calculator on

Multi-Step Example Lucas wants to take out a loan for $12,000.00 for a car. What is the total interest paid? Find an online calculator on the Internet, like the one shown. Enter the information. Press ONLINE LOAN CALCULATOR Calculate to determine the monthly payment. Loan Amount: $ 12,000.00 The monthly payment is $219.11 and the Loan Term: 5 years or 60 months length of the loan is 60 months. Multiply the monthly payment by the number of months. Interest Rate: 3.65 % per year $219.11 x 60 = $13,146.60 Monthly Payment: $ 219.11 Subtract the amount of the loan from $13,146.60. CALCULATE $13,146.60 - $12,000.00 = $1,146.60 So, the total interest paid is $1,146.60

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Using the asset valuation method presented in this chapter, conduct a preliminary risk assessment on the information contained in your home. Answer each of the valuation question listed in this...

UNIT 5 QZ, Q-20 UNIT 5 / UNIT 8 QUESTIONS KEEP ANSWERS SEPARATE BY UNITS UNIT II STUDY GUIDE Consumer Mathematics Reading Assignment See information below. Key Terms 1. Add-on interest method 2....

MULTIPLE CHOICE 1 Using the recurrence relation t0 = 8, tn+1 = tn + 9, the sixth term would be: A 2 15 B 17 C 23 D 53 E 62 A canoe costs $40 to hire for the first day and $30 for each extra day. If...

Introduction: In this lab you will examine a home loan, also known as a mortgage. In Part I you will be computing various values associated with a 30 year loan. In Part Il you will calculate values...

JUST ANSWER THE FIRST PAGE: ALL INFO ARE ALREADY GIVEN PRESENT VALUE OF SIMPLE ANNUITY DUE EXAMPLE: Hope borrows money for the renovation of her house and repays by making yearly payments of P50,...

(MSRP) Model: 2016 Ferrari 488 Spider Price :$276,450 Part III: $$ Your Financing Options $$ In this section, you will have to go online to determine the interest rate incurred when you finance a...

19 Name: ____________________________________ 1. Your friend has a credit card with an APR of 49.9% ! What would his finance charge be on a $500 charge for just 1 month? 2. Your friend has 2 credit...

TO BE ANSWERED: All of theinfos are already given below just answer the first photo PRESENT VALUE OF SIMPLE ANNUITY DUE EXAMPLE: Hope borrows money for the renovation of her house and repays by...

Prerequisites Before starting this micro assignment, participants should be able to: Write Python code Overview and Requirements For this micro assignment you are going to derive a loan payment...

Nowadays, a 2.4kg (5.29 lbs) chicken costs 14,600,000bolivars in Venezuela. This is the equivalent of $2.22 USD. Thisexample from class discussion illustrates which concept? a. Stability b. Financial...

2. The following data was recorded for a manufacturing process. The data was recorded in the table below. To properly analyze the data, we need to create a tally histogram to interpret the results....

Evaluate I = x 2 s i n ( x 2 ) d x A . None of the given options B . - x 2 c o s ( x 2 ) 8 x s i n ( x 2 ) 1 6 x c o s ( x 2 ) C C . x 2 c o s ( x 2 ) 8 x s i n ( x 2 ) - 4 c o s ( x 2 ) C D . - 2 x...

Based on the financial information provided, calculate the following ratios and explain their purpose: current ratio inventory turnover ratio accounts receivable turnover ratio debt to equity ratio...

Alan inherited $103,600 with the stipulation that he "invest it to financially benefit his family." Alan and his wife Alice decided they would invest the inheritance to help them accomplish two...

Find the progecton of U onto v when -2 Va 2 -4 Pogue 2. 8. 3. Proque %3D 2 4. %3D -8

Determine the orthegorad plogedtion of y- Y= 10 5 onlo the R' 3 Subspace W of Spanmed by 2 2 -3 -4 Prog y- 8 2. Prg. -4 10 M, -- 3. y= -5 4. 10

Given that $x, , x, 4 is a basis for W, find an orthoganal basis h v, ,Y4 for W when -2 4 -2 |: V = 2 %3D -1 5 Ve = 5 2. V, = 19 %3D 2 3. V, 3 %3D 4. V,= 5. V, %3D 2

write about Verizon Determine the pricing model that best fits Verizon and explain why you choose this model? Aso write about the pricing strategy, including what you charge of the product? Also how...

3. List four goals that are important to you. Then set up the roles that correspond to these goals. How will you shape your personal vision as a result of your goals and roles?

1. What does this mean for me?

2. Think of a person you really appreciate and who is a role model for you, such as something you admire for what the person does or has done (historical people, friends, family, from fairy tales,...