Solve the Problem

question 42

Multiple Choice

Solve the problem. Use an annual percentage rate table if necessary.
-A landscaping company buys a new bulldozer for $55,000. The company makes a down payment Of $15,000 and finances the balance at 6.0% APR over 60 months. Before making the 30th payment, The company owner decides to pay the remaining balance on the loan. What is the total amount Due to pay off the balance (use the actuarial method) ?

• A) $30,326.79
• B) $22,266.76
• C) $23,040.09
• D) $21,357.92

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