Solve the Problem Using the Loan Payoff Table or an Amortization

question 22

Multiple Choice

Solve the problem using the loan payoff table or an amortization table.
-John Thomas bought a new car for $16,445. He paid 10% down and monthly payments for 3 years at 10%. Find the amount of each monthly payment necessary to amortize the loan and the total amount of interest paid over the 3 years.

• A)$484.57, $2,644.02
• B)$477.61, $2,393.46
• C)$530.68, $2,659.48
• D)$559.61, $5,345.46

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