Answer:
Option (c) is correct.
The Installment price of the loan is $29,746.08
Step-by-step explanation:
Given: Your friend just purchased a new sports car for $32,000. He received $6,000 for his trade in and he used that money as a down payment for the new sports car. He financed the vehicle at 6.76% APR over 48 months with a monthly payment of $619.71.
We have to determine the installment price of the loan.
Installment price of the loan is the type of loan that is repaid in the form of monthly installment and is calculated by multiplying the total monthly payment given in installment with the number of months payment is made.
That is
In the given question
monthly payment is $619.71
and time period = 48 months
Thus, Installment price of the loan = $619.71 × 48 = $29,746.08
Thus, the Installment price of the loan is $29,746.08
