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marysya [2.9K]
4 years ago
10

Naomi gets a $26,000 loan in order to purchase a new car. Her loan has an interest of 3.5% and she has decided she will pay off

the car in 5 years with monthly payments of $473. If Naomi makes her monthly payments for the next 5 years, what is the total amount that she will spend to pay off the car?
Mathematics
1 answer:
yarga [219]4 years ago
7 0

She will pay a total of $28380 for the car in 5 years if she pay $473 monthly

<u>Step-by-step explanation:</u>

Monthly payment = $473

Total duration= 5 years

Total payment = 473 x 12 x 5

= 473 x 60

=$ 28380

She will pay a total of $28380 for the car if she pay $473 monthly.

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