Use the Information for the Question(s)below

question 61

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.
-The amount of your original loan is closest to:

• A)$14,808.
• B)$22,212.
• C)$32,000.
• D)$37,020.

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Definitions:

Delivery

Delivery is the act of transferring an item from one party to another, in the context of sales or transportation, with the intention of passing control or ownership.

Express Warranty

An explicit promise made by a seller about the condition, functionality, or performance of a product.

Warranty Of Merchantability

An implicit guarantee that a product sold by a merchant meets certain quality and performance standards.

Implied Warranty

A legal term indicating that a product is guaranteed to function as it is supposed to, even if not explicitly stated.