SOLUTION: A car is advertised with a price of $15965. The payment plan to own a car is $484 per month for 8 years. What is the amount of interest paid? Round to the nearest cent.

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Question 1160330: A car is advertised with a price of $15965. The payment plan to own a car is $484 per month for 8 years. What is the amount of interest paid? Round to the nearest cent.
Found 2 solutions by ikleyn, Alan3354:
Answer by ikleyn(52781) About Me  (Show Source):
You can put this solution on YOUR website!
.

the amount of interest paid is  12*8*484 - 15965 = 30499  dollars.


It is a HUGE non-realistic interest, but so is your input.

Double check your input comparing with your source.



Answer by Alan3354(69443) About Me  (Show Source):
You can put this solution on YOUR website!
Apparently Ikleyn has never dealt with a US used car dealer.