document.write( "Question 1184964: Is it D? I want to check my answer.\r
\n" ); document.write( "\n" ); document.write( "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?\r
\n" ); document.write( "\n" ); document.write( "A. $355.65 \r
\n" ); document.write( "\n" ); document.write( "B. $975.00 \r
\n" ); document.write( "\n" ); document.write( "C. $1,682.40 \r
\n" ); document.write( "\n" ); document.write( "D. $2,071.20 \r
\n" ); document.write( "\n" ); document.write( "E. $17,071.20 \r
\n" ); document.write( "\n" ); document.write( "The question is provided in the link here: https://i.imgur.com/sfmwHur.png \n" ); document.write( "

Algebra.Com's Answer #815661 by Theo(13342) $\"\"$ $\"About$

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.
\n" ); document.write( "the loan is 15000.
\n" ); document.write( "15 * 23.71 = a monthly payment of 355.65 per month.
\n" ); document.write( "48 months * that = total payment of 17071.2.
\n" ); document.write( "subtract 15000 from that to get 2071.2.
\n" ); document.write( "selection D looks good.\r
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