A Silver Hummer H3 sells for $98,000 tax included. GMAC lends money at
A Silver Hummer H3 sells for $98,000 tax included. GMAC lends money at the rate of 6.9% APR. You are at the beginning of the fourth year of a seven year term. You are making monthly payments on the loan.
How much interest do you pay in the first month of the fourth year of the loan?
A) $354.70
B) $359.81
C) $395.62
D) $371.08
E) $362.44
ANSWER
A
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