Jackson Purchased a $40,000 Sports Car Through a 60 Month

question 39

Multiple Choice

Jackson purchased a $40,000 sports car through a 60 month financing plan.The interest rate was 4.95% compounded monthly.At the end of year 3, Jackson wanted to pay off the outstanding balance.Determine the amount that must be paid off by Jackson

• A)$11,194
• B)$14,194
• C)$17,194
• D)$20,194

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