Ross Purchased a New Commercial Vehicle Today for $25,000

question 5

Multiple Choice

Ross purchased a new commercial vehicle today for $25,000. The entire amount was financed using a five-year loan with a 4 percent interest rate (compounded monthly) . How much will Ross owe on his vehicle loan after making payments for three years (i.e., when two years of payments remain) ?

• A)$10,089.56
• B)$10,602.44
• C)$10,857.28
• D)$11,345.77
• E)$11,568.25

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