Use the Information for the Question(s)below

question 85

Multiple Choice

Use the information for the question(s) below.
Two years ago, you purchased a new car. You financed your car for 60 months (with payments made at the end of the month) with a loan at 6.1% APR. Your monthly payments are $617.16 and you have just made your 24th monthly payment on your car.
-The amount of your original loan is closest to:

• A)$31 460
• B)$33 000
• C)$31 846
• D)$33 300

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Definitions:

Market Economy

An economic system in which supply and demand from consumers primarily determine what, how, and for whom goods and services are produced.

Consumers' Desire

The inclination or preference of consumers towards certain products or services, which drives demand and influences market trends.

Product X

A placeholder name for any given product or service under consideration in an economic or marketing context.

Competitive Industry

A market scenario where there are many sellers, leading to competitive prices and innovations.