Use the Information for the Question(s)below

question 14

Multiple Choice

Use the information for the question(s) below.
Two years ago,you purchased a new SUV.You financed your SUV for 60 months (with payments made at the end of the month) with a loan at 5.9% APR.You monthly payments are $617.16 and you have just made your 24th monthly payment on your SUV.
-Assuming that you have made all of the first 24 payments on time,then the outstanding principal balance on your SUV loan is closest to:

• A)$14,808.
• B)$20,300.
• C)$22,212.
• D)$32,000.

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Definitions:

Four-Firm Concentration Ratio

A measure of market concentration, calculated as the percentage of total market sales accounted for by the four largest firms in an industry.

Four-Firm Concentration Ratio

The four-firm concentration ratio is a measure of market concentration, calculated by the combined market share of the four largest firms within an industry, indicating the level of competition.

Herfindahl Index

A measure of market concentration used to evaluate the level of competition within an industry.

Market Shares

The portion of a market controlled by a particular company or product, often expressed as a percentage of total sales.