SOLUTION: Is it D? I want to check my answer. Bob has taken out a loan of $15,000 for a term of 48 months (4 years) at an interest rate of 6.5%. Using the amortization table provided, wha

Question 1184964: Is it D? I want to check my answer.
Bob has taken out a loan of $15,000 for a term of 48 months (4 years) at an interest rate of 6.5%. Using the amortization table provided, what will be his total finance charge over the course of his loan?
A. $355.65
B. $975.00
C. $1,682.40
D. $2,071.20
E. $17,071.20
The question is provided in the link here: https://i.imgur.com/sfmwHur.png
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
the chart shows that the monthly payment for a 15000 loan at 6.5% per year compounded monthly is 23.71 per thousand.
the loan is 15000.
15 * 23.71 = a monthly payment of 355.65 per month.
48 months * that = total payment of 17071.2.
subtract 15000 from that to get 2071.2.
selection D looks good.

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