Answer:
b. $4,790
Step-by-step explanation:
To do this we first have to calculate how much is the total of what I pay in the 60 monthly payments
For this we only have to multiply the value of $ 389 by the number of months (60)
$389 * 60 = $23,340
This means that what I actually pay John is $23,340 and not $18,550
If we want to know how much interest payment, we only need to make a difference of these values
$23,340 - $18,550 = $4,790
so what interest payment is $ 4,790
