Mathematics, 29.05.2020 20:00 smelcher3900

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?

Monthly Payment per $1,000 of Principal
Rate 1 Year 2 Years 3 Years 4 Years 5 Years
6.5% $86.30 $44.55 $30.65 $23.71 $19.57
7.0% $86.53 $44.77 $30.88 $23.95 $19.80
7.5% $86.76 $45.00 $31.11 $24.18 $20.04
8.0% $86.99 $45.23 $31.34 $24.41 $20.28
8.5% $87.22 $45.46 $24.65 $24.65 $20.52
9.0% $87.45 $45.68 $31.80 $24.89 $20.76
A.
$355.65
B.
$975.00
C.
$1,682.40
D.
$2,071.20
E.
$17,071.20

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Bob has taken out a loan of $15,000 for a term of 48 months (4 years) at an interest rate of 6.5%. U...

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