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Mari has just made her last payment on her car. The lifetime of the loan was 36 months. The bank financed her for $15,000 at 6.71%. How much did Mari actually pay, after she made her last payment, for the car?

a.

$15,000

c.

$17,001.20

b.

$16,602.12

d.

$18,205.30

Verified Answer :

neeciec5

Mari paid $16,602.12. (B)

Because 6.71% of interest would be 1,602. 
Calculating this is kinda hard. I suggest using a loan site. They helped me tons!

Answer:

The correct option is b. The total amount paid by Mari is 16602.12.

Step-by-step explanation:

The principal amount is $15000, rate of interest is 6.71% and the number of months is 36.

The formula for monthly installment is

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Where, P is principal amount, r is rat of interest, t is number of years.

Mari monthly installment is

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@@MATH_TOKEN_2@@

Her monthly installment is $461.17. Since the lifetime of the loan was 36 months, therefore the total amount paid by Mari is

\(461.17\times 36=16602.12\)

Therefore the correct option is b. The total amount paid by Mari is 16602.12.

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