Question

20. Ferris purchased a car for $16,720. He made a down payment of $1,940. He applied for a five-year installment loan with an interest rate of 8.1%.

What is the total cost of the car after five years?

Answer 1

Answer: $21817.4 I am not sure.

Explanation: I think it needs to add the down payment portion too.

$21817.4+$1940=$23757.4