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Ber [7]
2 years ago
13

Dennis has just made the final monthly payment necessary for paying off his car financing. When he purchased the car three years

ago, it had a list price of $23,878. Dennis traded in his good-condition 2001 Honda Odyssey and financed the rest of the cost at an interest rate of 11. 82%, compounded monthly. The dealer gave Dennis 85% of the trade-in value of his car, listed below. Dennis was also responsible for paying 9. 05% sales tax, a $1,474 vehicle registration fee, and a $225 documentation fee. All told, how much did Dennis pay in interest? (Round all dollar values to the nearest cent, and consider the trade-in to be a reduction in the amount paid. ) Honda Cars in Good Condition Model/Year 2000 2001 2002 2003 Element $5,887 $6,080 $6,225 $6,622 Odyssey $8,450 $8,693 $8,928 $9,224 Insight $4,384 $4,661 $5,006 $5,440 Accord $6,356 $6,626 $6,817 $7,114 a. $3,919. 77 b. $3,906. 80 c. $4,599. 44 d. $3,668. 52.
Business
2 answers:
bixtya [17]2 years ago
6 0

The correct statement is that the payments made towards the interest by Dennis on such amount of principal of the car purchase will be computed as $8392.53.

The calculation of the payment of interest made by Dennis will be computed upon the net principal value of the car and deducting such principal amount from the annuity amount.

<h3>Calculation of payment of interest </h3>

The formula for the calculation of compounded annuity will be calculated on the total value of the car financed, which is calculated as $19834, and the annuity as per the compound interest formula will be,

\rm Compounded\ Annuity= 19834(1+\dfrac{0.1182}{12})^3^x^1^2\\\\\rm Compounded\ Annuity= 19834(1.00985)^3^6\\\\\rm Compounded\ Annuity= \$28226

Now the payment of interest will be as,

\rm Compound\ Interest= Annuity- Principal\\\\\rm Compound\ Interest=28226-19834\\\\\rm Compound\ Interest=\$8392.53

So, the amount of interest paid is $8392.53.

Hence, the correct statement is that the payments made towards the interest by Dennis on such amount of principal of the car purchase will be computed as $8392.53.

Learn more about Interest Payment here:
brainly.com/question/3940069

tensa zangetsu [6.8K]2 years ago
6 0

Answer:

✅ A. $3,919.77

its right ⬇️

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