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13 October, 06:13

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?

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  1. 13 October, 08:01
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    She will pay a total of $28380 for the car in 5 years if she pay $473 monthly

    Step-by-step explanation:

    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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