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Solve the Problem Using the Loan Payoff Table or an Amortization

Question 22

Multiple Choice

Solve the problem using the loan payoff table or an amortization table. Solve the problem using the loan payoff table or an amortization table. -John Thomas bought a new car for $16,445. He paid 10% down and monthly payments for 3 years at 10%. Find the amount of each monthly payment necessary to amortize the loan and the total amount of interest paid over the 3 years. A) $484.57, $2,644.02 B) $477.61, $2,393.46 C) $530.68, $2,659.48 D) $559.61, $5,345.46
-John Thomas bought a new car for $16,445. He paid 10% down and monthly payments for 3 years at 10%. Find the amount of each monthly payment necessary to amortize the loan and the total amount of interest paid over the 3 years.


A) $484.57, $2,644.02
B) $477.61, $2,393.46
C) $530.68, $2,659.48
D) $559.61, $5,345.46

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