10
QuizMultiple Choice

Amortization

Question 10 • FT GMS AMDM B IC – 72

The Clean and Green car dealership is running a special on 2008 hybrids. The dealership requires the customer to make a down payment of 10% of the cost of the vehicle and will finance the balance with a 6.78% annual interest loan for 60 months (5 years). You are interested in an EviroClean hybrid that costs $28,250. Not including the down payment, how much will you pay over the lifetime of the loan? a. $30,048.60 c. $36,726.00 b. $33,387.00 d. $39,250.30 Please select the best answer from the choices provided

Answer
A
A
B
B
C
C
D
D