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28 February, 11:15

Carter bought a new car and financed $25,000 to make the purchase. He financed the car for 48 months with an APR of 4.5%. Assuming he made monthly payments, determine the total interest Carter paid over the life of the loan. Round your answer to the nearest cent, if necessary.

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  1. 28 February, 14:30
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    Carter paid a total interest of $2250 (9% of the cost of the car) for the car.

    Step-by-step explanation:

    cost = $25000

    Time = 48 months

    APR = 4.5%

    Interest = (25000 x 4.5 x 2) / 100

    = $2250

    Percentage of interest paid = (2250/25000) x 100

    = 9%

    Carter paid a total interest of $2250 (9% of the cost of the car) for the car.
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