How Much Interest Is Paid in Total on a 3-Year

question 132

Multiple Choice

How much interest is paid in total on a 3-year loan for $28 600 (rounded to the nearest dollar) ? The interest rate is 8.7% compounded monthly and the payments are monthly.

• A) $3997
• B) $3779
• C) $3977
• D) $3999
• E) $4000

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