Question

Shelby’s total closed-end credit for her car (including all interest) cost $9,478. 58. The table shows the schedule of her payments for the first 4 years. A 4-column table with 4 rows. Column 1 is labeled Year number with entries 1, 2, 3, 4. Column 2 is labeled Balance with entries 7,000 dollars, 5,997 dollars and 39 cents, 4,617 dollars and 69 cents, 3,016 dollars and 21 cents. Column 3 is labeled monthly payment with entries 180 dollars, 180 dollars, 180 dollars, 180 dollars. Column 4 is labeled End of Year Balance with entries 5,997 dollars and 39 cents, 4,617 dollars and 69 cents, 3,016 dollars and 21 cents, 1,157 dollars and 28 cents What is the total amount of interest Shelby will pay for the car loan? How many more years will it take Shelby to pay off her loan?

Answer 1

Answer:

✔ $2478.58

✔ 1

Explanation:

Shelby’s total closed-end credit for her car (including all interest) cost $9,478.58.

The table shows the schedule of her payments for the first 4 years.

A 4-column table with 4 rows. Column 1 is labeled Year number with entries 1, 2, 3, 4. Column 2 is labeled Balance with entries 7,000 dollars, 5,997 dollars and 39 cents, 4,617 dollars and 69 cents, 3,016 dollars and 21 cents. Column 3 is labeled monthly payment with entries 180 dollars, 180 dollars, 180 dollars, 180 dollars. Column 4 is labeled End of Year Balance with entries 5,997 dollars and 39 cents, 4,617 dollars and 69 cents, 3,016 dollars and 21 cents, 1,157 dollars and 28 cents

What is the total amount of interest Shelby will pay for the car loan?

✔ $2478.58

 

How many more years will it take Shelby to pay off her loan?

✔ 1

Hope this help!!!

Answer 2

Answer:

Although part of your question is missing, you might be referring to this full question:

Shelby's total closed-end credit for her car (including all interest) cost $9,478.58. the table shows the schedule of her payments for the first 4 years. table what is the total amount of interest shelby will pay for the car loan? how many more years will it take shelby to pay off her loan?

Year  payment schedule (dollars)  Monthly payment  End of year balance  

1 7000 180 5997.39

2 5997.39 180 4617.69

3 4617.69 180 3016.21

4 3016.21 180 1157.28

The first year interest payment for shelby would be 9478.58-7000= 2478.58, therefore, the total amount of interest to be paid every year would be 2478.58. The remaining year payment can be explained as follows:

7000-5997.39=1002.61

5997.39-4617.69=1379.7

4617.69-3016.21=1601.48

3016.21-1157.28=1858.9

Therefore, Shelby will be able to pay off her loan in one more year. The total amount of interest to be paid by Shelby is 2478.58