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HELP Gregg Carr borrows $5,000 for 4 years at 6% annual interest. His monthly payment is $117.43. What is the total payback including the loan and interest? A. $469.72 B. $636.6…

HELP Gregg Carr borrows $5,000 for 4 years at 6% annual interest. His monthly payment is $117.43. What is the total payback including the loan and interest? A. $469.72 B. $636.6…
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4 votes
HELP

Gregg Carr borrows $5,000 for 4 years at 6% annual interest. His monthly payment is $117.43. What is the total payback including the loan and interest?
A. $469.72
B. $636.64
C. $2,818.32
D. $5,636.64

asked
User David Trang
by
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1 Answer

2 votes
117.43 for 48 months = 117.43 * 48 = 5,636.64 total payments
5,636.64 minus 5,000.00 = 636.64 interest
answer is B


answered
User Qiqi
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